China's hot-rolled coil prices continued to fall on Thursday October 17, with sentiment hurt by a continual weakening of rebar futures despite a drop in inventory levels for the flat steel product.
DomesticEastern China (Shanghai): 3,500-3,510 yuan ($493-495) per tonne, down 20-30 yuan per tonneNorthern China (Tangshan): 3,500 yuan per tonne, down 20 yuan per tonneMills lowered their offers in the morning despite decreases in HRC output and inventory levels over the past week.Spot markets in China had 2.38 million tonnes of HRC in their inventories on Thursday, down 161,300 tonnes week on week, according to a domestic steel consultancy. It also reported a drop of 65,200 tonnes in output to 3.17 million tonnes compared with a week earlier.Spot prices softened as...