Eastern China (Shanghai): 3,820-3,830 yuan ($552-554) per tonne, down 10 yuan per tonne
Northern China (Tianjin): 3,780-3,790 yuan per tonne, narrowing downward by 10 yuan per tonne
Prices continued to drop during the day with trading activity remaining thin.
While sellers lowered their prices in an attempt to generate buying interest, buyers still held back from restocking due to their bearish outlook for prices.
The continual price drops and rising cost of raw materials are narrowing mills’ already thin margins.