According to the data released by MOFCOM on March 13, Chinese domestic steel price increased by 0.2% last week as compared to prior week. In detail, the price for high-speed wire rod with diameter of 6.5 mm and rebar with diameter of 12 mm had inched up by 0.7% and 0.5% respectively week over week. Besides, during the given period, the iron ore price also rose up by 0.9% from prior week.
Experts said that the recovering purchasing orders from downstream customers and the rising EXW prices from mills are the main reason for the price hikes in last week. As for the market prospect, we thought that the domestic price will continue its upward trend in the upcoming future.