China's hot-rolled coil prices slumped on Monday December 28 amid slumping futures, which discouraged overseas buyers from placing orders for Chinese cargoes.
Domestic
Eastern China (Shanghai): 4,600-4,650 yuan ($703-711) per tonne, down 70-90 yuan per tonne
A Shanghai-based trader said he was able to conclude small transactions at 4,650 yuan per tonne on Monday morning, but by the afternoon, he had to lower his offer to 4,600 yuan per tonne to attract buyers.
This is due to downstream buyers' withdrawal from the market after HRC futures slumped, he...