CHINA HRC: Prices down despite government's call for output cut

China's hot-rolled coil (HRC) prices continued to fall on Wednesday December 30 despite the Minister of Industry and Information Technology saying the country would further cut its crude steel output the day prior, Fastmarkets heard.

Domestic
Eastern China (Shanghai): 4,510-4,530 yuan ($691-694) per tonne, down 40-50 yuan per tonne
Several Shanghai-based traders told Fastmarkets that sellers there had further cut offers because trading overall remained thin, but a small sector of buyers had booked more orders on Wednesday in the belief that China's steel prices would stabilize.

That was because market sentiment slightly picked up after the Minister of Industry of Information Technology Xiao Yaqing said at a conference on Tuesday...

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