Spot prices for hot-rolled coil in China fell plunged to their lowest in eight months on Tuesday November 2 amid falling futures.
Domestic
Eastern China (Shanghai): 5,000-5,050 yuan ($782-789) per tonne, down by 230-250 yuan per tonne
Sharp losses knocked spot HRC prices in eastern China below the trough of 5,170-5,220 yuan per tonne last seen on May 26. Spot prices are now at their lowest since March 22.
Meanwhile, the most-traded HRC contract on the Shanghai Futures Exchange fell to its lower limit of 4,531, its lowest in nine months, before recovering some of the losses to end the day at 4,601 yuan per tonne.
A Shanghai-based industry...