China's hot-rolled coil prices fell on Wednesday January 2, the first working day of the year, following the release of statistics pointing to a contraction in manufacturing activity last month.
DomesticEastern China (Shanghai): 3,650-3,660 yuan ($531-532) per tonne, down 30-40 yuan per tonneNorthern China (Tianjin): 3,560-3,570 yuan per tonne, down 70-80 yuan per tonneTrading was thin in the entire Chinese market during the day after sentiment was dampened by the release of the latest manufacturing purchasing managers' index (PMI) by the National Bureau of Statistics. China's manufacturing PMI for last month 49.4 points, down 0.6 points from November's 50 points.This is the first contraction for the sector since...