China's hot-rolled coil prices dropped on Wednesday April 24 after mills lowered offers amid weak demand and concerns over rising supply.
DomesticEastern China (Shanghai): 3,990-4,000 yuan ($594-595) per tonne, down 20 yuan per tonneNorthern China (Tianjin): 3,900-3,920 yuan per tonne, down 10-20 yuan per tonnePrices dropped after mills lowered offer prices in the morning session.A mill in northern China cut its offer prices by 40 yuan per tonne amid lackluster demand since last week.A source at an eastern China-based mill, meanwhile, said his company's inventory levels are rising, adding that increased stockpiles are forcing...