Hot-rolled coil prices in China extended their losses on Wednesday September 1 due to persistent concerns over demand and waning cost support.
Domestic
Eastern China (Shanghai): 5,650-5,670 yuan ($874-877) per tonne, down by 50-60 yuan per tonne
Spot prices dropped along with the extended decline in futures prices. The most-traded HRC contract on the Shanghai Futures Exchange fell for a second consecutive day on Wednesday, giving back all the gains it made on Monday.
Demand concerns are the main factor limiting upside potential in steel prices, a Shanghai-based trader said. Market concerns over demand have increased following the release of August's Purchasing Managers' Index (PMI).
The official manufacturing PMI released on Tuesday pointed to a slower expansion in...