China's hot-rolled coil sellers cut prices on Monday July 29 amid weak demand, while the news that the government will exempt some companies from winter production cuts also weighed on market sentiment.
DomesticEastern China (Shanghai): 3,830-3,840 yuan ($557-558) per tonne, down 20-30 yuan per tonneNorthern China (Tangshan): 3,820 yuan per tonneSpot prices nationwide dropped following lower ex-works prices from mills.While last week mills could reap deals when they set ex-works prices at 3,840-3,860 yuan per tonne, today they had to cut them to around 3,820 yuan per tonne.Trading in the morning was moderate after sellers cut prices, but in the afternoon buyers lowered their procurement rate seeing futures prices drop.A...