CHINA HRC: Domestic prices rise for third day on possible production cuts

Hot-rolled coil prices in China's domestic market rose for a third straight day on Wednesday July 7, following a sharp gain in futures prices driven by growing expectations of production reductions across Chinese steelmakers in the remainder of the year.

Domestic
Eastern China (Shanghai): 5,650-5,720 yuan ($873-884) per tonne, up by 70-100 yuan from 5,580-5,620 yuan per tonne.
The most-traded HRC contract on the Shanghai Futures Exchange rose to a seven-week high on Wednesday after the latest release of output data and market chatter cemented expectations of production cuts across Chinese steel mills, sources said.

Traders reported that they have received verbal notice from mills that they will cut output, but further details are still in the pipeline. The potential production cuts are led by...

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