According to the data released by MOFCOM on September 7, China's domestic steel price has inched down 0.1% for the week ended on September 4 compared to prior week. For instance, the price for high speed wire rod with diameter of 6.5 mm and rebar with diameter of 12 mm both has decreased by 0.2% week over week. This is also the second consecutive weekly decline.
Besides, the data from CISA (China Iron and Steel Association) also showed China's registered steelmakers have contributed a daily crude steel output of 1.633 million t in middle August, up 0.21% as compared to early August. Meanwhile China's social steel inventories have totaled 14.2793 million t last week, up 0.4% as compared to prior week. All the above factors have played a constructive role for the current price dips.