Chinese hot-rolled coil prices dropped further on Thursday May 9 amid thin trading, with market participants getting spooked by rising concerns over deteriorating trade relations between China and the United States.
DomesticEastern China (Shanghai): 4,050-4,060 yuan ($597-599) per tonne, down 10 yuan per tonneNorthern China (Tianjin): 3,910-3,920 yuan per tonne, down 10-30 yuan per tonneAlthough prices did not fall too drastically, trading activity was described by a trader in Shanghai as "extremely thin" during the day.The futures market also posted losses after US President Donald Trump toughened his stance against China on Wednesday, with signs emerging that the higher tariff of 25% that he threatened on over $200 billion worth of Chinese goods could be imposed from...