China's hot-rolled coil prices plunged on Monday November 12 after sellers made big cuts to secure bookings.
DomesticEastern China (Shanghai): 3,800-3,830 yuan ($546-550) per tonne, down 100 yuan per tonneNorthern China (Tianjin): 3,820-3,840 yuan per tonne, down 90-100 yuan per tonnePrices plunged by nearly as much as last week's combined losses during the day.Trading remained at moderate levels even after sellers implemented the big price cuts, mostly because market participants believe supply will continue to grow even though demand is not showing any signs of rebounding.A trader in Zhejiang province however pointed...