China's domestic hot-rolled coil market shed most of its downward momentum on Wednesday August 28 on higher trading activity, though overseas buyers submitted lower bids for exports of the flat steel product.
DomesticEastern China (Shanghai): 3,600-3,610 yuan ($503-504) per tonne, narrowing downward 20 yuan per tonneNorthern China (Tangshan): 3,600-3,620 yuan per tonne, widening upward 20 yuan per tonneIn Shanghai, although prices narrowed downward, they did not drop below 3,600 yuan per tonne during the day.More buyers were willing to pay that amount for materials, in contrast with Tuesday when orders were hard to come by for sellers even at that level.The...