Domestic HRC prices in China
have surged up again in some areas and may be reaching a ceiling level. It is reported that Shagang has raised its ex-works price in August for Q235 HRC by RMB 220 per tonne and for SPHC by RMB 150 per tonne. However, following such price increase, HRC market has generally responded negatively. In Shanghai
, HRC market prices fell by RMB 10-20 per tonne from a day earlier. Many traders believe that the price surge may be reaching a ceiling. If there is any further increase in late August, it would be a very small change of no more than RMB 50.