China's hot-rolled coil prices dropped on Tuesday July 30 after authorities in Tangshan, the steelmaking hub in the northern region, drafted a plan to ease steelmaking curbs in August.
DomesticEastern China (Shanghai): 3,810-3,820 yuan ($554-555) per tonne, down 20 yuan per tonneNorthern China (Tangshan): 3,810 yuan per tonne, down 10 yuan per tonneSpot prices dropped after several domestic media outlets reported that Tangshan's Ecology & Environment Department had drafted a less stringent set of production curbs for steelmakers to implement next month to preserve air quality.According to the draft, 17 mills in Tangshan would be exempted from any restrictions, two mills would need to cut their blast furnace production rates by 50% and 14...