China's domestic hot-rolled coil prices further fell on Wednesday March 10 amid a subdued futures market despite a drop in inventory levels over the past week.
Domestic
Eastern China (Shanghai): 4,830-4,850 yuan ($741-745) per tonne, down 20-110 yuan per tonne
A Shanghai-based trader said trading activity was moderate during the day Wednesday after sellers lowered prices.
He said spot sellers had to keep their offers below those on Tuesday, when HRC futures tumbled.
HRC inventory levels in Shanghai have fallen in the past week amid a pick-up in demand, but the subdued futures market weighed significantly on market sentiment, he said.
A domestic steel trading company's survey showed that warehouses in Shanghai had 501,800 tonnes of...