China's hot-rolled prices declined on Friday February 19 amid low trading activity after rallying a day earlier following a weeklong public holiday for the Chinese New Year.
Domestic
Eastern China (Shanghai): 4,680-4,720 yuan ($723-730) per tonne, down 30-60 yuan per tonne
Northern China (Tangshan) - weekly assessment: 4,660-4,680 yuan per tonne, up 330 yuan per tonne
While some sellers issued offers of 4,740-4,760 yuan per tonne in the morning, sources said they did not manage to secure any orders until they lowered their asking prices to 4,680-4,720 yuan per tonne.
A softening of the futures market dented sentiment. This, coupled with low trading activity, forced sellers to cut prices, a Shanghai-based trader said.
Most traders expect trading activity to pick up next week when...