China's domestic hot-rolled coil prices moved down on Friday March 15 due to inactivity and declining futures following the announcement of cuts to the country's value-added tax.
DomesticEastern China (Shanghai): 3,790-3,810 yuan ($564-567) per tonne, down 40 yuan per tonneNorthern China (Tianjin): 3,750-3,770 yuan per tonne, down 10 yuan per tonneTrading activity was lower than that on Thursday with both sellers and buyers taking wait-and-see approach after the official announcement of the VAT being lowered from 16% to 13% for manufacturers, and from 10% to 9% for the construction and transportation sectors on...