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Sluggish trades also forced traders to lower their offers.
Norilsk materials traded at a premium of about 50 yuan/mt over the Wuxi Stainless Steel Exchange September contract, compared to a premium of 200 yuan/mt in the previous day.
Trading liquidity, however, remained thin in the Shanghai market today as lower prices of Jinchuan resources deterred downstream consumers.
Jinchuan offered at 112,300 yuan/mt, 1,200 yuan/mt lower than the prior day. Premiums of Jinchuan cargoes to the Wuxi Stainless Steel Exchange September contract were heard at 1,800 yuan/mt today.
Most transactions in Shanghai were done at 110,100-112,300 yuan/mt today.
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