According to the data released by MOFCOM, China's domestic steel price inched up by 0.9% for the week ended on May 1, especially the market showed a notable price hike for the construction steel products, such as the price both for the rebar with diameter of 12mm and high speed wire rod with diameter of 6.5mm had raised by 1.9%.
On the other hand, China's steel output also had fallen step by step owing to the power curbs occurred in East and Central China. Consequently the key steelmakers in China just contributed a daily steel output of 1.613 million t in mid April, dropping by 40700 t month over month.
While the inventories for the construction steel products had reached 8.5555 million t on April 29, decreasing by 3.5% week over week and by 12.0% month over month.
Meanwhile the market also emerged constant price rises for the raw materials such as the iron ore and coke. Therefore China's steel price is expected to continue hiking slightly in future.