China's hot-rolled coil market maintained its upward momentum on Thursday February 21, with sellers continuing to make attempts to prop up prices amid rising costs.
DomesticEastern China (Shanghai): 3,760-3,790 yuan ($559-563) per tonne, up 40 yuan per tonneNorthern China (Tianjin): 3,690-3,700 yuan per tonne, narrowing upward by 20 yuan per tonneSellers in Shanghai started selling at around 3,790 yuan per tonne in the morning following gains in the futures market.But they had to lower prices to about 3,760-3,770 yuan per tonne in the afternoon amid buyer resistance.Despite the resistance, market participants believe HRC prices would remain high in the next few days with producers...