According to the data released by MOFCOM recently, Chinese domestic steel price increased by 0.3% in the week ended on April 1 from prior week. In detail, the price for medium plate with thickness of 10mm, hot rolled sheet with thickness of 3mm and high-speed wire rod with diameter of 6.5 mm had inched up by 2%, 0.3% and 0.2% respectively week over week.
Experts said that the reviving deals from final customers and decreasing social inventories for steel products are the main reasons for the price hikes. As for the market prospect, we thought that the domestic steel price is anticipated to continue its upward trend in the short run given to the booming construction industry.