China's hot-rolled coil prices dropped on Tuesday January 15 on declining futures, though exporters maintained their high offers amid a stronger yuan.
DomesticEastern China (Shanghai): 3,620-3,640 yuan ($535-538) per tonne, down 10 yuan per tonneNorthern China (Tianjin): 3,600-3,620 yuan per tonne, down 30 yuan per tonnePrices in the spot market dropped after a weakening of the futures market during the day. Sources described spot prices as being "much more stable compared to the fluctuations in the futures market."The stability is being attributed to traders and downstream buyers starting to stock up ahead of the Chinese New Year on February 5, when...