According to the data released by MOFCOM on February 15, Chinese domestic steel price decreased by 0.3% 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 0.8% and 0.6% respectively week over week.
On the other hand, influenced by the hiking plate EXW prices from large-sized mills, the prices for some specific plates had ramp up softly last week. For instance, the prices for the non-oriented silicon sheet with thickness of 0.5 mm and medium plate with thickness of 10 mm had risen by 2.6% and 0.3% week over week.
Experts said that the rising construction steel inventories are the main reason for the price drops in last week. Accordingly the social construction steel stockpiles in Chinese 29 main cities reached 10.06 million metric tons on February 10, jumping by 11.2% week over week and by 52.7% as compared to early January.