Eastern China's hot-rolled coil prices dropped further on Tuesday June 18 amid a sustained bearish outlook for the sector among most market participants.
DomesticEastern China (Shanghai): 3,730-3,750 yuan ($539-541) per tonne, down 20-30 yuan per tonneNorthern China (Tianjin): 3,740-3,750 yuan per tonne, unchangedParticipants remained pessimistic about price trends in the HRC market, and are not expecting any significant recovery in demand downstream, though output continued to rise.A rebound in the futures market led by the rebar contract provided some respite by generating some trading activity.A Hangzhou-based source said that was because some speculators had gone on a buying spree in the futures market on expectations that a few rebar producers that operate electric-arc furnace would...