China's hot-rolled coil prices spiked on Wednesday January 30 despite sellers winding down ahead of the Chinese New Year break, with developments in the iron ore market providing some upward momentum.
DomesticEastern China (Shanghai): 3,780-3,800 yuan ($561-564) per tonne, up 40-50 yuan per tonneNorthern China (Tianjin): 3,720-3,740 yuan per tonne, up 30 yuan per tonnePrices rose during the day with the iron ore market reeling from the aftermath of a breach at one of Vale's tailings dams last Friday, a trader in Shanghai said. The Brazilian miner - the world's biggest producer of iron ore - is planning to decommission all of its upstream dams, a move that could cut its projected yearly output of 400 million...