CHINA HRC: Rising futures lend strength to spot prices
August 18, 2020 / www.metalbulletin.com / Article Link
China's hot-rolled coil prices gained some strength on Monday August 17 after buyers stepped up on restocking amid rising futures.
Domestic Eastern China (Shanghai): 4,060-4,080 yuan ($584-587) per tonne, up 20 yuan per tonne Several Shanghai-based traders said trading activity had picked up on Monday compared with the last few working days of last week, which pushed prices upward.
Market sentiment was lifted by rising futures, which motivated downstream buyers to stock up on cargoes...