China’s hot-rolled coil prices tumbled again on Tuesday August 27 in both the spot and futures markets, with the possibility of easing production cuts in the north leaving participants with a bearish outlook for prices amid trade tensions with the United States.
Domestic
Eastern China (Shanghai): 3,600-3,630 yuan ($504-508) per tonne, down 50-70 yuan per tonne
Northern China (Tangshan): 3,600 yuan per tonne, down 50 yuan per tonne
While sellers in Shanghai had to sell at around 3,730 yuan per tonne in the morning after mills in the north lowered their offer prices, it was even hard for them to secure orders in the afternoon at prices as low as 3,700 yuan per tonne, a trader there said.
Spot prices tumbled amid the plunging futures…