Spot prices for hot-rolled coil in China gained some strength on Tuesday September 28, with futures rising for a second day amid a drop in production due to a power crunch in the country.
Domestic
Eastern China (Shanghai): 5,720-5,750 yuan ($886-890) per tonne, narrowed upward by 20 yuan per tonne
The most-traded HRC contract on the Shanghai Futures Exchange rose for a second day, recovering some of last week's losses.
Analysts said that steelmaking rates had fallen as a result of electricity curbs in part of China, which lent strength to steel prices in recent days.
Power supply constraints have spread to about 16 Chinese provinces, where a combination...