According to the data released by MOFCOM on January 11, Chinese domestic steel price decreased by 0.3% last week as compared to prior week and by 2.3% vs middle November. In detail, the price for rebar with diameter of 12 mm and high speed wire rod with diameter of 6.5 mm both had decreased by 0.9% and 0.3% respectively week over week. This was also the seventh consecutive weekly decline.
During the given period, the steel inventories for some final customers surged notably. Accordingly, the construction steel stockpiles in Beijing, Guangzhou and Shanghai had increased by 11.2%, 6.7% and 5.3% respectively as compared to prior week