China's hot-rolled coil prices were largely stable on Wednesday August 5 in spite of reports of buyers in Vietnam paying higher prices for imports.
Domestic
Eastern China (Shanghai): 4,060-4,070 yuan ($582-583) per tonne, unchanged
Several traders told Fastmarkets that domestic prices were stable on Wednesday amid moderate trading activity.
The stability was attributed to buyers' expectations of weakening prices once cargoes from northern China - the country's steelmaking hub - arrive in the eastern region over the next 2-3 weeks, since they would result in higher supply.
Traders in eastern China booked large quantities...