Hot-rolled coil prices increased in China's domestic market on Tuesday July 6, following gains in futures prices, while market participants continued to digest talks of production cuts.
Domestic
Eastern China (Shanghai): 5,580-5,620 yuan ($864-870) per tonne, up by 80 yuan from 5,500-5,540 yuan per tonne.
The expectation of production cuts at Chinese steel mills in the second half of the year has been increasing, following the emergence of talk that some mills plan to cut production or reduce the procurement of raw materials to prevent their annual output in 2021 from exceeding that of last year, sources said.
The gains in spot prices, however, were smaller than those in futures prices, probably subdued...