China's hot-rolled coil prices were unchanged on Thursday July 4 although trading activity dropped in the afternoon after futures declined amid chatter that a group of Chinese steelmakers has planned a working group to study the import iron ore market where prices have hit record highs this year.
DomesticEastern China (Shanghai): 3,890-3,900 yuan ($565-567) per tonne, unchangedNorthern China (Tianjin): 3,850-3,860 yuan per tonne, unchangedHRC futures declined along with those of iron ore. Market participants attributed the drop to reports that the working group may ask central authorities to inspect the steelmaking raw material's market.But other market sources said later in the day that there was no substance to the reports, as far as they were aware. Market...