According to the data released by MOFCOM on February 21, Chinese domestic steel price decreased by 0.7% 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 1.2% and 1.7% respectively week over week.
Meanwhile, during the given period, the prices both for iron ore and coke also had emerged a downward trend with a week-over-week decrease of 3.3% and 1.4% respectively.
It is reported that the hiking construction steel inventories and stagnant market demand are the main reasons for the recent price dips. As for the market prospect, experts thought the domestic steel price will stabilize gradually in the short run considering of the rising plate EXW prices and low-remained steel outputs from steelmakers.