China's domestic hot-rolled coil prices dropped sharply on Monday November 26 after sentiment worsened over the weekend amid a softening of the key billet market.
DomesticEastern China (Shanghai): 3,600-3,620 yuan ($518-521) per tonne, down 130 yuan per tonneNorthern China (Tianjin): 3,550-3,560 yuan per tonne, down 110-120 yuan per tonneThe price of billet plunged by 160 yuan per tonne over the weekend, which resulted in pessimism in the ferrous markets intensifying, sources said.HRC futures also tumbled during the day, which...