China's hot-rolled coil prices continued to drop on Thursday February 6 on thin trading, which forced some mills to put more focus on exports to reduce inventories.
Domestic
Eastern China (Shanghai): 3,570-3,580 yuan ($511-512) per tonne, down 20-30 yuan per tonne
Northern China (Tangshan): 3,270-3,280 yuan per tonne, narrowing downward by 20 yuan per tonne
A Shanghai-based trader said he had sold several coils of HRC on Thursday to buyers consisting of largely speculators betting on a price rebound next week when Chinese companies return to work.
Few downstream buyers placed orders, not just because they have yet to restart their operations but mainly because logistics in China had yet to return to normal due...