According to the data released by MOFCOM on February 9, Chinese domestic steel price increased by 0.1% last week as compared to prior week. In detail, the price for rebar with diameter of 12 mm, steel rod with diameter of 16 mm and plate with thickness of 10 mm had inched up by 0.1%, 0.2% and 0.5% respectively week over week.
Experts said that the dropping steel output and hiking EXW price from mills are the main reason for the price rise in last week. It is reported that steelmakers' profits have declined substantially in the recent months, thus many of them have to cut their production for preventing from further losses.