Chinese hot-rolled coil prices log post-holiday gain as rebar, iron ore flat

Feb 09, 2011 | 07:15 AM |

Chinese hot-rolled steel prices rose Wednesday as traders returned from the Chinese New Year holiday, with export offers also expected to post gains.

Export offer prices for hot-rolled coil could spike to $730 to $750 per tonne f.o.b. over the next few weeks, one exporter in Shanghai said.

Domestic commercial-grade 5- to 12-millimeter-thick hot-rolled coil rose 100 yuan ($15) to sell at 4,880 to 4,900 yuan ($744 to $748) per tonne in the Shanghai market as a rate hike by China's central bank increased trading costs.

"Traders have boosted prices again so they can offset increased borrowing costs," one trader based in Shanghai told AMM sister publication Metal Bulletin.....

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