China's hot-rolled coil prices dropped on Friday October 11 with participants cautious on price trends despite robust demand.
Domestic Eastern China (Shanghai): 3,570-3,580 yuan ($499-501) per tonne, down 20 yuan per tonne Northern China (Tangshan): 3,520 yuan per tonne, down 20 yuan per tonne Spot prices dropped in line with declines in the futures market, with participants being cautious on price trends in the coming weeks. Trading over the past week has been moderate, "and some days quite robust", according to a Shanghai-based trader, but it failed to boost prices significantly. The trader believes some securities traders are operating funds to push down prices, which dampened market sentiment....