China's steel prices declined nationwide last week, people.com.cn reported Monday, citing Xiben New Line Stock Co Ltd, a domestic steel spot trading platform.

Steel prices dropped by 70 yuan a ton during the week beginning June 13 in Shanghai, according to Xiben. On June 17, steel prices dropped to 4,830 yuan a ton in Shanghai.

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Steel prices increased but then quickly dropped later last week to 5,110 yuan a ton, the same as the level of the previous week.

Steel prices dropped to 5,280 yuan on June 10 in Guangzhou.

The volatile market is likely linked to steel mills cutting prices and a decline in some raw material prices, Xiben reported.

Steel mills such as Baosteel and Anshan Iron and Steel have cut prices for products to be delivered in July by 70 yuan to 200 yuan a ton, and steelmakers' profit margins shrank further.

Although prices were lower, trading was inactive due to rainy weather in Shanghai last week and a wait-and-see attitude by most customers.