Domestic hot-rolled coil (HRC) prices in China edged lower on Tuesday August 31; futures prices pulled back due to the latest factory activity data prompting concerns over the country's economic recovery.
Domestic
Eastern China (Shanghai): 5,700-5,730 yuan ($881-886) per tonne, down by 20 yuan per tonne
The most-traded HRC contract on the Shanghai Futures Exchange came down from its highest level in nearly two weeks on Tuesday.
The drop was due to a lack of further upward momentum and to the official Purchasing Managers' Index (PMI) pointing to a slower expansion in China's August factory activity, an eastern China analyst said.
With the manufacturing PMI slipping to 50.1 from July's 50.4, the sub-index for new orders fell to an 18-month low of 49.6, flipping into contractionary territory, and down from 50.9 in the...