China's hot-rolled coil prices fell on Tuesday November 6 after investor sentiment was dampened by Tangshan's "smaller-than-expected" capacity cuts, with trading sparse both domestically and in the export market.
DomesticEastern China (Shanghai): 4,020-4,040 yuan ($581-584) per tonne, widening downward 10 yuan per tonneNorthern China (Tianjin): 4,000-4,010 yuan per tonne, down 30 yuan per tonneSellers had to lower prices after buyers were reluctant to restock. While trading prices came within reach of 4,040 yuan per tonne in the morning, mills rushed to lower prices in the afternoon because few deals were concluded.Market sentiment was dampened after Tangshan,...