China's domestic hot-rolled coil prices were largely stable on Wednesday June 26 amid mixed sentiment despite mills in northern China beginning to implement production cuts announced over the weekend.
DomesticEastern China (Shanghai): 3,900-3,920 yuan ($567-570) per tonne, widening downward by 10 yuan per tonneNorthern China (Tianjin): 3,840-3,850 yuan per tonne, down 10 yuan per tonneMost market participants expect prices to rise further after steelmakers in Tangshan, the country's steelmaking hub in the northern region, starting to implement production cuts, which would cut supply.A source in Tangshan told Fastmarkets MB that the local government had sent out inspectors to ensure mills stuck to the production curbs as...