China's hot-rolled coil prices were unchanged on Monday February 17 amid thin trading, with tight cash flow making it hard for traders to place orders with mills.
Domestic
Eastern China (Shanghai): 3,460-3,480 yuan ($495-498) per tonne, unchanged
Northern China (Tangshan): 3,230 yuan per tonne, unchanged
A Shanghai-based trader said he had to stop buying from mills recently due to cash flow issues.
This is because most of his customers had only paid a deposit when they placed orders before the Lunar New Year based on the arrangement that they settle the entire bill upon delivery.
But delivery has been challenging in recent weeks as a result of transportation restrictions throughout the country put in place to stem the spread of the novel...