China's hot-rolled coil prices weakened on Friday July 5 with developments in the iron ore market hogging the spotlight for a second day, though participants expect some stability to return to the flat steel segment in the longer term, or even a rebound as a result of falling supply.
DomesticEastern China (Shanghai): 3,880-3,900 yuan ($564-567) per tonne, widening downward 10 yuan per tonneNorthern China (Tianjin): 3,830-3,850 yuan per tonne, down 10-20 yuan per tonneTrading was sparse during the day with participants withdrawing to the sidelines amid tumbling iron ore futures after Qu Xiuli, the vice-chairman of the China Iron & Steel Association, said the body was urging Chinese authorities to start looking into the pricing mechanism and non-market factors behind recent price movements in the iron ore market. Such a move could curb speculative activities and...