CHINA HRC: Prices dip amid spike in Covid-19 cases in Beijing

China's hot-rolled coil prices dipped on Monday June 15 despite a relative tightness in supply in the eastern region, with a spike in the number of Covid-19 infections in Beijing over the weekend resulting in a weakening of the futures market.

Domestic
Eastern China (Shanghai): 3,640-3,650 yuan ($514-515) per tonne, down 10 yuan per tonne
Prices fell slightly in Shanghai amid falling futures, though trading activity was reported as moderate.
A Shanghai-based trader said the steady buying was due to a relative supply shortage in eastern China that has lasted for several weeks due to prices in Tangshan - the country's steelmaking hub in the north - remaining persistently high.

Ex-works prices for HRC in Tangshan were around 3,600 yuan per tonne on Monday, which means the product would have to be offered at around 3,710 yuan per tonne to the eastern region to take transportation costs into consideration....

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