China's hot-rolled coil prices dropped again on Friday May 31, with pessimism growing amid expectations of higher output over the next few days amid stagnant demand.
DomesticEastern China (Shanghai): 3,930-3,950 yuan ($569-572) per tonne, down 20-30 yuan per tonneNorthern China (Tianjin): 3,840-3,860 yuan per tonne, down 30 yuan per tonneTrading was reported to be "merely moderate" during the day even after prices had fallen.A Tianjin-based trader said that based on his observations, demand had been better recently in comparison with the same period of last year. But he noted that HRC producers had been stepping up...