According to the data released by MOFCOM on March 21, Chinese domestic steel price increased by 0.7% last week as compared to prior week. In detail, the price for medium plate with thickness of 10mm, high-speed wire rod with diameter of 6.5 mm and rebar with diameter of 12 mm had inched up by 1.3%, 0.9% and 1.1% respectively week over week. On the contrary, during the given period, the iron ore price had dipped by 0.8% from prior week.
Experts said that the recovering procurement orders from automotive sector and multiple construction projects are the two crucial reasons for the price hikes in last week. As for the market trend in future, most of them thought that the domestic steel price will ramp up gradually in the short run.