Spot prices for hot-rolled coil in China fell sharply on Friday October 22 following the tumble in futures prices on Thursday triggered by Beijing's moves to rein in soaring coal prices.
Domestic
Eastern China (Shanghai): 5,550-5,600 yuan ($869-877) per tonne, down by 150-160 yuan per tonne
Northern China (Tangshan) weekly assessment: 5,550-5,620 yuan ($869-880) per tonne, down by 160-170 yuan per tonne
A tumble in the most-traded HRC contract on the Shanghai Futures Exchange in afternoon trading on Thursday forced the contract to shed 282 yuan per tonne during the day, marking its biggest one-day loss since early August.
Spot trading was muted on Thursday afternoon; modest gains in the futures contract during night trading on Thursday and morning trading on Friday failed to prevent spot HRC prices in Shanghai from falling below the 5,600-yuan-per-tonne level in Shanghai on Friday.
The futures contract dropped to...