Eastern China (Shanghai):
3,600-3,610 yuan ($507-509) per tonne, down 40 yuan per tonne
Northern China (Tangshan):
3,540-3,560 yuan per tonne, down 50-60 yuan per tonne
Sellers in the spot market started to lower prices in the morning after mills reduced their offers. Prices fell further in the afternoon after HRC futures weakened.
A Shanghai-based trader described the day’s trading activity as moderate, or “at least better than the previous two days,” but market participants continued to expect prices...