According to the data released by MOFCOM on December 28, Chinese domestic steel price decreased by 0.4% last week as compared to prior week and by 1.6% 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 0.6% week over week. This was also the fifth consecutive weekly decline.
During the given period, the price for domestic iron ores also showed a downward trend with a week-on-week decrease of 1.7%. Meanwhile, for last week the CRU price index was 186.8, down 2.1% compared to prior week.
Influenced by the cold weather and looming Spring Festival Vacations, the construction project activities have shrunken substantially. Thus the domestic price also has followed suit and emerged a downward trend.