China's domestic hot-rolled coil prices fell on Wednesday April 15 with sentiment dampened by losses in the futures market, while exporters awaited opportunities to sell to overseas buyers after suppliers in other regions raised their offers.
Domestic
Eastern China (Shanghai): 3,320-3,330 yuan ($471-472) per tonne, down 10-20 yuan per tonne
Northern China (Tangshan): 3,220 yuan per tonne, narrowing downward by 10 yuan per tonne
A Shanghai-based trader described trading activity as "merely moderate" during the day, with buyers slowing down their procurement amid falling HRC futures.
This is tied to speculators taking advantage of the arbitrage between the spot and futures markets lately, with physical cargoes having similar delivery times as the May contract.
Trading activity in the northern region has been reported to have fallen recently in comparison with the past...