According to the data released by MOFCOM on August 31, China's domestic steel price inched down 0.1% for the week ended on August 28 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 had decreased by 0.3% and 0.4% respectively week over week.
In terms of the stockpiles, for last week the social construction steel inventories in Beijing and Shanghai had risen by 6.9% and 0.7% as compared to previous week.
However, after steelmakers hiked their plate EXW prices, the price for H beam with specification of 500*200mm, cold rolled sheet with the thickness of 1 mm and round steel with specification of 45#16mm had ramped up by 0.6%, 0.2% and 0.2% respectively week over week.