According to the data released by MOFCOM, Chinese domestic steel price decreased by 0.4% in last week, indicating that the domestic steel prices have declined for five consecutive weeks.
Looking at the market dynamics in detail, the price for hot-rolled steel sheet with thickness of 3 mm, rebar with diameter of 12 mm and high speed wire rod with diameter of 6.5 mm had inched down by 0.5%, 0.4% and 0.4% respectively in last week from previous week.
Experts said that the releasing materials from mills and desolate procurement orders from final customers are still the main reasons for the price drops in last week. Given to there are still no positive signs are seen, we deem that the domestic steel price will continue its soft trend in the short run.