China's hot-rolled coil prices dropped in both the spot and futures markets on Monday August 26, amid escalating trade tensions between the country and the United States.
DomesticEastern China (Shanghai): 3,670-3,680 yuan ($517-519) per tonne, down 50 yuan per tonneNorthern China (Tangshan): 3,650 yuan per tonne, down 50 yuan per tonneSpot prices plunged after mills lowered their offers in the morning.Some steelmakers already started to lower their offers over the weekend, in fact, after China said last Friday that it would impose tariffs on around $75 billion worth of US products.In a tit-for-tat move, US President Donald Trump announced another 5% duty on $550...