China's domestic hot-rolled coil prices rebounded on Monday September 23 with market participants expecting a supply drop due to production cuts, while exporters remained relatively conservative amid fierce competition from abroad.
DomesticEastern China (Shanghai): 3,650-3,670 yuan ($515-517) per tonne, up 50-60 yuan per tonneNorthern China (Tangshan): 3,600 yuan per tonne, up 40-60 yuan per tonneBuyers rushed to restock on seeing the gains in the futures market during the day, which had responded to news that several regions in northern and eastern China were starting to limit steel production ahead of China's 70th National Day on October 1, a trader in Shanghai said.While the re-rolling mills in Tangshan are required to stop work until October 4, other regions such...