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Commodities

Steel prices tumble in East Asia on China lockdown glut

Hot-rolled coil stockpiles build up on weak manufacturing demand

Hot-rolled coil is used in many products, including cars and appliances, and its price serves as an indicator for economic activity.   © Reuters

TOKYO -- The price for hot-rolled coil steel has hit a 14-month low in East Asia as demand for the material, used to make a range of products from automobiles to home appliances, takes a hit from China's zero-COVID strategy.

The standard 1.6 mm-thick coil is now priced at around $780 per ton in cost-and-freight contracts, down 3% from a week prior and 19% from a recent high of $960 in mid-April.

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