China's hot-rolled coil market softened on Friday July 19, but overseas buyers appear to be stepping up their purchases on expectations that export prices would stabilize or rise in the near term.
DomesticEastern China (Shanghai): 3,860-3,880 yuan ($561-564) per tonne, down 20 yuan per tonneNorthern China (Tianjin): 3,840-3,850 yuan per tonne, narrowing downward by 10 yuan per tonneSpot prices dropped in response to a low opening of HRC futures during the morning trading session.Trading activity picked up in the afternoon after futures rebounded, sending spot prices slightly higher.Despite the intra-day fluctuation, market participants expect spot prices to be largely stable amid ongoing production curbs in northern China and high iron ore prices. But steel supply might not have fallen as much as expected,...