Hot-rolled coil buyers in Vietnam and Pakistan retreated from the market on Wednesday September 9 following continuous declines in Chinese prices, according to market participants.
Domestic
Eastern China (Shanghai): 3,920-3,950 yuan ($573-578) yuan per tonne, down 60-70 yuan per tonne
Sellers in Shanghai were offering HRC at 3,950-3,960 yuan per tonne during the morning, but were forced to cut offers to 3,920 yuan per tonne in the afternoon due to thin orders.
Downstream demand has been dampened recently by the continuous losses in futures prices, a Shanghai-based trader said.
He believed the HRC futures losses...