CHINA STEEL WRAP: Prices fall, but flats end week higher

China's spot steel prices fell on Friday June 7, but those for flats still ended the week higher.

Commercial-grade HRC (4.5-12mm) in Shanghai traded at 3,400-3,440 yuan ($555-561) per tonne, down 30 yuan ($5) per tonne from Thursday. But the prices remain 20-40 yuan ($3-6) higher than a week earlier. In Beijing, prices for HRC fell 40 yuan ($6) per tonne to 3,360-3,380 yuan ($544-547) per tonne. The prices are still 30 yuan ($5) per tonne higher for the week. The drops came after Shandong province-based Laiwu Steel cut its HRC list price by 100 yuan ($16) per tonne on Friday. “The cut affected the market sentiment and some prices retreated after rebounding for several days,” a trader in Shanghai said.