According to the data released by MOFCOM on March 27, Chinese domestic steel price increased by 0.3% last week as compared to prior week. In detail, the price for medium plate with thickness of 10mm, hot rolled sheet with thickness of 3mm and welded pipe with specification of 20*1.2 had inched up by 1.6%, 0.6% and 0.9% respectively week over week. Meanwhile, the prices for coal had dipped by 1.1% from previous week but for coke were flat on aggregate.
Experts said that the rising transaction deals from final customers and hiking EXW prices from mills especially in Hebei and Shandong are the main reasons for the price rallies in last week. As for the market prospect, we thought that the domestic steel price is anticipated to continue its upward trend in the near future.