China's hot-rolled coil prices dropped on Monday May 24 amid weaker demand after the central government warned major market participants against hoarding and driving up prices of commodities including steel.
Domestic
Eastern China (Shanghai): 5,440-5,450 yuan ($845-847) per tonne, down by 230 yuan per tonne
The National Development & Reform Commission (NDRC) on Sunday held a meeting with major companies and associations representing the iron, steel and non-ferrous sectors, along with several government bodies, during which it
issued a warning against illegal activities that drive up prices for commodities.
In eastern China, domestic prices for HRC, among other commodities, had risen by nearly 1,000 yuan between April 30 and May 12.
Fastmarkets' assessment for steel hot-rolled coil domestic, ex-whs Eastern China reached historical high of...