China's hot-rolled prices continued to fall on Tuesday February 2 amid thin trading, with sources pointing to a weakening market for steelmaking raw materials as having a dampening effect on sentiment.
Domestic
Eastern China (Shanghai): 4,400-4,430 yuan ($681-686) per tonne, down 30 yuan per tonne
Spot prices weakened amid losses in the futures market, sources said.
A Tianjin-based trader said market sentiment had been dampened by falling prices for steelmaking raw materials such as iron ore and coke, which led those trading in HRC futures to expect large downsides for the contract.
The most-traded May iron ore futures contract closed at 933.50 yuan per tonne on Tuesday, down by 43.50 yuan per tonne from 977 yuan per tonne on Monday.
China's spot...