Buyers have been skittish amid falling steel prices in Asia, led by continual falls in China's physical and futures market. There were no bids heard.
Prices in China have fallen continually from 6,000-6,030 yuan ($931-936) per tonne on May 12 to 5,100-5,150 yuan per tonne on May 20 before stabilizing on May 21.
Market sources expect more government policies to be announced in the near future and more price volatility in the Chinese market, due to recent comments by Chinese Premier Li Keqiang on more cooling measures for overheated commodity markets.
"Buyers are unlikely...