China's domestic hot-rolled coil prices widened upward on Tuesday July 31 amid continual production cuts, while export prices weakened slightly with a segment of the market bidding lower.
DomesticEastern China (Shanghai): 4,290-4,310 yuan ($629-632) per tonne, widening upward 10 yuan per tonneNorthern China (Tianjin): 4,220-4,240 yuan per tonne, widening upward 10 yuan per tonneDomestic prices remain high because HRC producers have been trimming production due to both environmental reasons as well as expectations of weakening demand.Downstream buyers of the flat steel product have been slowing down production of end products due to persistently thin profits, a Tangshan-based source said.The source thinks that the spot price increases were due not to higher demand, but expectations...