China's hot-rolled coil market continued to drop on Thursday November 1 amid rising supply after tumbling a day earlier, while export prices are also expected to dip after the product had its export rebate increased.
DomesticEastern China (Shanghai): 4,060-4,080 yuan ($582-585) per tonne, down 20 yuan per tonneNorthern China (Tianjin): 4,040-4,050 yuan per tonne, down 10 yuan per tonneChinese steelmakers produced 3.27 million tonnes of HRC over the past week, up 167,700 tonnes compared with a week earlier, according to a domestic steel consultancy.The increase dampened sentiment, made worse by the losses in the futures market.As such, trading activity was thin during the day, sources told Fastmarkets MB.A handful of mills were even...