Market sentiment turned positive from Thursday last week after the Caixin China manufacturing PMI was released. This boosted hot rolled coil futures and spot prices in China, Kallanish notes.
In Shanghai on Friday afternoon, 5.5x1,500mm Q235 HRC was traded at around CNY 3,850-3,870/tonne ($544-547/t), up CNY 70/t from a week earlier. On the Shanghai Futures Exchange, meanwhile, the most-traded October 2023 contract for HRC gained CNY 58/t from …
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