China's hot-rolled coil prices bounced back on Monday July 15 after the futures market strengthened after the release of economic data for the first half, while expectations of a drop in supply provided additional support.
DomesticEastern China (Shanghai): 3,850-3,870 yuan ($559-562) per tonne, widening upward by 10 yuan per tonneNorthern China (Tianjin): 3,850-3,860 yuan per tonne, up 20 yuan per tonneSpot prices tracked the movement of the futures market during the day, after the National Bureau of Statistics announced that the country's gross domestic product had grown by 6.3% in the first half of the year. This is in line with the Chinese government's target, and, as the bureau put it, "within a reasonable range." Trading...