Domestic prices for hot-rolled coil in China continued to move lower on Friday August 27, with losses on futures prices extending to a one-week trough in overnight trading due to persistent concerns about the levels of demand.
Domestic
Eastern China (Shanghai): 5,600-5,680 yuan ($864-876) per tonne on August 27, down by 20-50 yuan per tonne day on day.
Northern China (Tangshan) weekly assessment: 5,630 yuan ($869) per tonne on August 27, down by 10-30 yuan per tonne.
The most-traded HRC contract on the Shanghai Futures Exchange reached its lowest since August 20 at 5,340 yuan per tonne in overnight trading. Industry data released on Thursday afternoon pointed to a slower-than-hoped improvement in demand from the seasonal lull, failing to ease market concerns about demand, a Shanghai-based analyst said.
China's National Bureau...