China's hot-rolled coil prices rallied on Monday March 8, supported by gains in the futures market, while trading was moderate amid concerns of a possible export rebate cut.
Domestic
Eastern China (Shanghai): 4,950-4,980 yuan ($763-767) per tonne, up 150 yuan per tonne
Several Shanghai-based traders said spot sellers raised offers in response to gains in the futures market. Market sentiment has improved in China after steel production was cut in Tangshan, the steelmaking hub in northern China.
Several domestic media outlets reported last week that the Tangshan local government has ordered several local mills to shut blast furnaces covering 450 cubic meters before March 10 to help curb air pollution.