China's hot-rolled coil prices plunged in the afternoon of Tuesday March 9 following a slump in the iron market amid the country's enhanced efforts to rein in production in Tangshan city.
Domestic
Eastern China (Shanghai): 4,850-4,960 yuan ($744-761) per tonne, down 20-100 yuan per tonne
While sellers in the spot market secured some orders at 4,940-4,960 yuan per tonne in the morning, they had to cut offers significantly after futures plunged in the afternoon trading session, a Shanghai-based trader said.
A second Shanghai-based trader said that steel prices had fallen in response to the weakening of the futures market, in which the iron ore contract took the lead, as a result of further steelmaking restrictions in Tangshan, the country's steelmaking hub.
Local authorities in the northern Chinese city ordered local industries to limit production from Tuesday until Thursday to curb air pollution, a domestic steel consultancy reported during...