China's hot-rolled coil prices plunged on Tuesday July 2 after Tangshan's local government eased up on steelmaking restrictions in the region announced just a week earlier.
DomesticEastern China (Shanghai): 3,920-3,930 yuan ($569-572) per tonne, down 80-90 yuan per tonneNorthern China (Tianjin): 3,880-3,890 yuan per tonne, down 40-50 yuan per tonneA futures trader in Shanghai said that many market participants took profit during the day, liquidating their positions after sentiment deteriorated on news that Tangshan would ease its production curbs that last until the end of July.Among six steelmakers that had been ordered to cut production...