China's hot-rolled coil prices retreated on Wednesday September 5 amid weak demand despite mills in Tangshan - the country's steelmaking hub in the north - confirming government-mandated production cuts for this month.
DomesticEastern China (Shanghai): 4,350-4,360 yuan ($636-638) per tonne, down 10-30 yuan per tonneNorthern China (Tianjin): 4,250-4,260 yuan per tonne, narrowing downward 10 yuan per tonneDomestic prices declined amid a weakening futures market, with sellers being forced to make concessions after buyers refused to cave in on the most recent increases, a Hangzhou-based trader said.Sellers in eastern China were offering HRC at 4,360-4,380 yuan per tonne in the morning, but only at the lower end were deals made," a Shanghai-based trader said.Although mills in Tangshan confirmed the day that they had received written instructions from...