China's hot-rolled coil exporters lowered their offers on Thursday August 1 amid a declining domestic market.
DomesticEastern China (Shanghai): 3,810-3,820 yuan ($553-555) per tonne, down 20 yuan per tonneNorthern China (Tangshan): 3,810 yuan per tonne, down 10 yuan per tonneSpot prices dropped even though mills kept their official ex-works prices steady, with trading activity reported as being thinner than a day earlier.A Shanghai-based source believes this is due to sentiment dampened by news that HRC inventory levels across the country remained high, which led to losses in the futures market.He also noted that...