According to the data released by MOFCOM, Chinese domestic steel price decreased by 0.2% in last week, indicating that the domestic steel prices have slid down for eight consecutive weeks.
Watching the market dynamics in detail, the price for 5# equal angle steel, high speed wire rod with diameter of 6.5 mm and cold rolled sheet with thickness of 1 mm had inched down by 0.5%, 0.3% and 0.3% respectively in last week compared to previous week.
Experts said that the decreasing EXW prices from steelmakers and low-remained procurement orders from final customers are the main reason for the price dips in last week. Given to the domestic infrastructure activities have being accelerated, we predict that the steel price drops may slow down in the near future.