Spot prices for hot-rolled coil in China fell sharply on Wednesday November 10, with a pessimistic demand outlook and waning costs knocking futures prices to an 11-month trough.
Domestic
Eastern China (Shanghai): 4,650-4,710 yuan ($728-737) per tonne, down by 240-250 yuan per tonne
Spot prices were at their lowest level since February 5, while the most-traded HRC contract on the Shanghai Futures Exchange touching an intraday low of 4,233 yuan per tonne on Wednesday morning, the lowest since December 9, 2020.
The futures contract clawed back most of its earlier losses in afternoon trading and finished the...