China's hot-rolled coil surged on Monday June 24 after news spread that mills in Tangshan, the steelmaking hub in the country's northern region, will start production cuts to curb air pollution.
DomesticEastern China (Shanghai): 3,890-3,910 yuan ($566-569) per tonne, up 110 yuan per tonneNorthern China (Tianjin): 3,830-3,850 yuan per tonne, up 60-70 yuan per tonnePrices surged nationwide after the local government in Tangshan announced production cuts of at least 20% for steelmakers in the city until the end of July to improve air quality.While a segment of the market expects prices to rise further over the next few days, some...