Chinese spot market for hot rolled coil (HRC) fall further on Friday as number of steelmakers announced their price cuts.
“The price reductions by producers weighed on the spot market since end-users held on further in anticipation of even lower prices,” a trader based in Shanghai said.
Prices in Beijing were unchanged at 3,380-3,400 Yuan ($532-535) per ton, but they remained 100 Yuan ($15.75) per ton lower than a week earlier.
Jiuquan Steel cut HRC prices by 70 Yuan ($11.02) per ton while Panzhihua Steel made a decrease of 40 Yuan ($6.29) per ton Liuzhou Steel on the other hand slashed their prices by 250 Yuan ($39.37) per ton.
Activities of trading remained slow as market participants are waiting for Baosteel major steelmaker in china to release their October prices in early September.
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