China's hot-rolled coil prices dropped further on Friday February 7 amid thin trading in the domestic market, which led at least one mill to export at prices much lower than the market average to draw down stock levels.
Domestic
Eastern China (Shanghai): 3,540-3,550 yuan ($510-512) per tonne, down 30 yuan per tonne
Northern China (Tangshan): 3,250-3,270 yuan per tonne, down 10-20 yuan per tonne
Most sellers in Shanghai started offering HRC at 3,560 per tonne in the morning, but no orders until offers fell to 3,540-3,550 yuan per tonne.
A similar scenario took place in the north.
Many traders said the companies they work for were unlikely to restart work...