According to the data released by MOFCOM, Chinese domestic steel price decreased by 0.3% in the week ended on April 29 from prior week. In detail, the price for round steel with specification of 45#16mm, high speed wire rod with diameter of 6.5 mm and rebar with diameter of 12mm had inched down by 1.3%, 0.6% and 0.5% respectively week over week.
Experts said that the increasing stockpiles from mills and sliding prices for iron ores are the main reasons for the current price dips. As for the market prospect, we thought that the domestic steel price will stabilize gradually in the near future because the social inventories have slipped for a long time.