CHINA HRC: Prices tumble to 7-month low despite lower inventories

November 09, 2018 / www.metalbulletin.com / Article Link

China's hot-rolled coil prices tumbled to nearly a seven-month low on Thursday November 8, with participants remaining bearish about the market despite declining inventory levels.

DomesticEastern China (Shanghai): 3,920-3,940 yuan ($566-569) per tonne, down 70-80 yuan per tonneNorthern China (Tianjin): 3,940-3,950 yuan per tonne, down 50 yuan per tonneHRC inventory levels nationwide fell by 166,300 tonnes over the past week, according to a domestic steel consultancy.But this drop failed to provide any support to the HRC market, with "trading sentiment remaining...