Spot prices for hot-rolled coil in China edged higher on Tuesday November 16, thanks to a short-lived rebound in futures prices.
Domestic
Eastern China (Shanghai): 4,720-4,750 yuan ($740-745) per tonne, narrowing up by 20 yuan per tonne
The most-traded HRC contract the Shanghai Futures Exchange climbed to an intraday high of 4,527 yuan per tonne on Tuesday, before reversing to register the third day of a losing streak.
The short-lived rally came after the top steelmaking hub of Tangshan in Hebei province started 'Level 2' anti-smog measures late on Monday. Steel mills across the region are required to increase curbs on production under Level 2, with no firm date on when the alert will be lifted.
The China Iron & Steel Association...