CHINA HRC: Domestic prices fall amid skepticism over production cuts

China’s domestic hot-rolled coil prices extended their losses on Tuesday August 3, falling to their lowest in a month on lingering fears of an easing of the country’s plan to cut steel production.

Domestic Eastern China (Shanghai): 5,660-5,750 yuan ($876-890) per tonne, down by 100-110 yuan per tonne HRC futures fell for a second day during the day, with the most-traded October contract on the Shanghai Futures Exchange hitting a four-week trough of 5,603 yuan per tonne before closing a tad higher, at 5,608 yuan per tonne. Market participants remained concerned that plans to cut production in the second half of this year to keep the country’s steel output from exceeding last year’s might not materialize as expected. These concerns emerged after the...

Published

Zihuan Pan

August 03, 2021

10:30 GMT

Shanghai