CHINA HRC: Exporters raise offers on domestic gains, higher overseas bids

摘要

China’s hot-rolled coil exporters issue higher offers on Tuesday November 5 after a strengthening of the domestic market and amid the emergence of higher overseas bids. DOMESTIC Eastern China (Shanghai): 3,510-3,530 yuan ($499-502) per tonne, widening upward by 10 yuan per tonne Northern China (Tangshan): 3,520 yuan per tonne, up 10 yuan per tonne Both Shanghai-based and Tangshan-based traders told Fastmarkets that demand had been strong, which gave prices some upward momentum. A Shanghai-based trader said some specifications of HRC were out of stock, and sellers of these were able to secure higher prices even for cargoes to be delivered next month. Most participants attributed the demand to China’s fast-growing infrastructure industry, which is bolstered by the Chinese government’s intensifying efforts in driving investment toward it.