China's hot-rolled coil sellers lowered their offers significantly on Monday February 3, the first day after the country's Chinese New Year break, amid bearish sentiment triggered by a virus outbreak.
Domestic
Eastern China (Shanghai): 3,630-3,650 yuan ($523-526) per tonne, down 230 yuan per tonne
Northern China (Tangshan): 3,300 yuan per tonne, down 290 yuan per tonne
A Shanghai-based trader told Fastmarkets that sellers in the city were offering HRC at 3,630-3,650 yuan per tonne, down by nearly 250 yuan per tonne from offers before the start of the public holiday that started on January 24.
But no transactions have been concluded since most downstream buyers have yet to return to work, the trader said.
Although the central Chinese government had extended...