According to the data released by MOFCOM, Chinese domestic steel price dipped by 0.3% from prior week in last week, indicating that the domestic steel price is still soft by and large.
Looking the market dynamics in detail, the price for hot-rolled steel sheet with thickness of 3 mm, I-beam with specification of 14# and round steel with diameter of 16 mm had decreased by 0.5%, 0.3% and 0.3% respectively from previous week.
Experts said that the rainy and scorching weather conditions are the main reason for the price drops in last week. As for the market prospect, most of them believe that the rising iron ore price will give a support to domestic steel price. Thus, we deem that the domestic steel price will stabilize step by step in the near future.