Spot prices for hot-rolled coil in China fell sharply on Tuesday October 12 after futures prices tumbled on potential increases in supply.
Domestic
Eastern China (Shanghai): 5,750-5,760 yuan ($891-892) per tonne, down by 110-130 yuan per tonne
The most-traded HRC contract on the Shanghai Futures Exchange shed more than 200 yuan per tonne, or 3.58%, on Tuesday, marking the biggest one-day loss since the January-delivery contract became the most active contract on August 18.
The sharp losses in the SHFE 2021 HRC contract came after six consecutive days of gains. Sources expect supply to recover after Beijing urged for the correction of "one-size-fits-all" or "campaign-style"...