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 to drop due to the urgency among mills...