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01 Mar

Shagang price hikes meet with muted response

Eastern China’s Shagang hiked longs prices aggressively on Thursday for the early-March period. A muted response from futures and spot prices however show real end user demand is needed for stronger prices, Kallanish notes. On the Shanghai Futures Exchange the May futures contract closed at CNY 4,032/tonne ($637/t), CNY 12/t higher than Wednesday, while the same contract for hot rolled coil closed up CNY 7/t at CNY 4,094/t. Shagang, followed as usu…
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