China's hot-rolled coil prices weakened on Monday January 25, with trading activity slowing down ahead of the Chinese New Year.
Domestic
Eastern China (Shanghai): 4,430-4,470 yuan ($684-690) per tonne, down 10-30 yuan per tonne
A Shanghai-based trader said most sellers in the city were offering cargoes at around 4,430 yuan per tonne in the morning, before raising these offers to as high as 4,470 yuan per tonne in the afternoon amid rising futures.
But overall trading activity in the spot market "was merely moderate," he said.
A second Shanghai-based trader said many market participants had exited the market to return to their home towns to celebrate the Chinese New...