Optimism among China's hot-rolled coil exporters led to them resisting the pressure to lower their prices on Thursday July 18 despite a retreat in the domestic market.
DomesticEastern China (Shanghai): 3,880-3,900 yuan ($564-567) per tonne, down 10 yuan per tonneNorthern China (Tianjin): 3,840-3,860 yuan per tonne, widening downward by 10 yuan per tonneSpot prices weakened across the country with trading activity falling from levels seen a day earlier.A Shanghai-based trader said this was due to sentiment being dampened by a drop in the futures market after several domestic steel consultancies reported an increase in HRC inventory levels nationwide over the past week despite ongoing production cuts in the northern region.A Beijing-based source...