Domestic hot-rolled coil prices in China retreated on Friday March 22 amid declining trading activity, weighing on sentiment in the export market.
DomesticEastern China (Shanghai): 3,850-3,870 yuan ($575-578) per tonne, down 20 yuan per tonneNorthern China (Tianjin): 3,800-3,810 yuan per tonne, down 30-40 yuan per tonneTrading activity continued to drop during the day, with demand becoming less robust since buyers had been stocking up on materials since late last week following the announcement of an impending reduction of the country's value-added tax.A trader in Tianjin said that the strength in the domestic market this week hinged on the expectation...