China's hot-rolled coil prices weakened on Friday July 10 amid inactive trading, with buyers taking a wait-and-see position after restocking at high prices earlier this week.
Domestic
Eastern China (Shanghai): 3,850-3,870 yuan ($551-554) per tonne, down 10 yuan per tonne
Northern China (Tangshan) - weekly assessment: 3,720-3,750 yuan per tonne, up 100 yuan per tonne
Sellers in Shanghai were offering HRC at 10 yuan per tonne lower than Thursday's level, after buyers slowed down placing orders.
A Shanghai-based trader said the futures drops dampened market sentiment and buyers were not in a rush to buy after restocking over the past few days, especially amid increasing stocks.
A domestic steel consultancy reported on Thursday that HRC inventory in the spot market nationwide totaled 2.6 million tonnes, up...