Profit margins for China's hot-rolled coil exports appear to have caught up with those in the country's domestic market, with a depreciation of the Chinese currency enabling mills to get more yuan than previously from dollar-denominated sales to foreign buyers.
DomesticEastern China (Shanghai): 4,200-4,240 yuan ($633-639) per tonne, down 10-20 yuan per tonneNorthern China (Tianjin): 4,100-4,120 yuan per tonne, down 20 yuan per tonneDomestic prices retreated amid thin trading on Thursday July 5 after demand fell again after a short-lived rebound a day earlier, a trader in northern China said.A steel producer source in the same region said that HRC inventory levels in the domestic market had been on the rise in recent days amid weak...