China's hot-rolled coil prices stabilized on Thursday December 31, benefitting from improved market sentiment after the government pledged to cut steel output in the coming year.
Domestic
Eastern China (Shanghai): 4,530-4,570 yuan ($694-700) per tonne, up 20-40 yuan per tonne
Northern China (Tangshan) - weekly assessment: 4,430-4,480 yuan per tonne, down 190-340 yuan per tonne
Although HRC prices in Shanghai dipped on Wednesday, several sources said market sentiment "already picked up that day after the government called for steel output cut on Tuesday, which triggered price growth in both spot and futures markets on Thursday".
A Shanghai-based trader said sellers there offered 4,530-4,550 yuan...