China's hot-rolled coil prices tumbled on Tuesday January 19 after data showing the country's steel output hitting a new high in 2020 triggered speculation that the government might restrict exports.
Domestic
Eastern China (Shanghai): 4,480-4,520 yuan ($690-697) per tonne, down 50-70 yuan per tonne
Several Shanghai-based traders said they had to lower their offers throughout the whole day amid thin trading.
A Shanghai-based trader who secured a few small orders in the morning at around 4,520 yuan per tonne had to lower his offers to 4,480 yuan per tonne in the afternoon to attract buyers.
Traders attributed the dampened sentiment to losses in the futures market, which...