China's price of Q235 4.75mm HRC rose further by Yuan 33/tonne ($5/t) on week to Yuan 4,138/t including the 13% VAT as of November 27, or a new high since November 6 2018, data showed.

"The plummet in futures prices in the early part of last week weighed on market sentiment and caused traders' offering prices to decline slightly, but the limited availability of hot coil in the spot market - as well as strong support from raw materials prices - prevented HRC from declining," a Shanghai-based market source said, adding that HRC futures prices rebounded soon and that room for physical prices to rise still exists.

On government's intervention in setting up the steel prices, the head of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIM), Mr. Masoud Khansari, wrote a letter to Mr. Mohammad Nahavandian (Vice President, Economic Affairs) asking for setting up a committee, comprising of TCCIM and Iranian Steel Producers Association (ISPA) to revise steel pricing guidelines.