Domestic prices of hot rolled coil in China remained broadly stable on Thursday (September 23rd), while futures declined in response to increased production cuts to downstream users.
East China (Shanghai): Shrinking 20 yuan per tonne to 5,720-5,780 yuan ($886-895) per tonne
The most traded HRC contract on the Shanghai Futures Exchange fell to a three-week low of 5,585 yuan per tonne. Thursday ended the day at 5,612 yuan a tonne before regaining some of the losses. This effectively negated the gains from Wednesday's rally.
Concerns remain that steel demand will be affected by the contraction in electricity supply in some regions.
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