China's hot-rolled coil prices remained stable for a third day on Wednesday October 30 with mills receiving a steady stream of orders, though stockists drew down their inventories on a bearish outlook for the market.
DomesticEastern China (Shanghai): 3,500-3,520 yuan ($495-498) per tonne, unchangedNorthern China (Tangshan): 3,500 yuan per tonne, unchangedSteady downstream demand kept prices flat during the day, though a trader in Shanghai said that was not due to optimism.Instead, this was attributed to stockists drawing down their inventories to avoid losses when prices fall over the next few months, which in turn...