According to the data released by MOFCOM on February 29, Chinese domestic steel price increased by 0.4% last week as compared to prior week. In detail, the price for rebar with diameter of 12 mm and high speed wire rod with diameter of 6.5 mm had inched down by 1% and 0.9% respectively week over week.
Meanwhile, during the given period, the prices for coke were flat on aggregate but for iron ore had dipped by 1.7% from prior week, indicating that the iron ore prices have declined for consecutive two weeks.
Experts said that the price rallies are within their expectations because the domestic steel demand has been released gradually as the warming weather conditions. As for the market prospect, most of them still believe that the domestic steel prices will continue ramp up step by step due to the approaching high season for steel consumptions.