Chinese HRC prices rebound as futures hit upward limit

Spot prices for hot-rolled coil in China posted a strong rally on Thursday November 11, as expectations of an easing in property financing and mill moves to underpin steel prices temporarily stemmed the sharp downturn in the futures market.

Domestic
Eastern China (Shanghai): 4,850-4,900 yuan ($758-765) per tonne, up by 190-200 yuan per tonne
The most-traded HRC contract on the Shanghai Futures Exchange extended its rally from Wednesday afternoon and finished Thursday's trading by hitting its upward trading limit at 4,696 yuan per tonne.

The strong rebound came amid broad-based gains in the wider ferrous metals market and in property stocks, with the...

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