Spot prices for hot-rolled coil in China declined on Monday November 15, with market sentiment subdued by the release of bleak property data.
Fastmarkets assessed the price of
steel hot-rolled coil domestic, ex-whs Eastern China at 4,700-4,750 yuan ($737-744) per tonne on Monday, down by 60 yuan per tonne from Friday.
The most-traded HRC contract on the Shanghai Futures Exchange extended losses from
Friday. The release of a raft of economic data, especially real estate figures, failed to ease concerns over demand for steel, a Shanghai-based trader said.
China's investment in property development increased 7.2% year on year in January-October, slowing from the 8.8% growth ofthe first nine months of the year, a statement released on Monday from the National Bureau of Statistics (NBS) said.
For the same period, the growth of property...