According to the data released by MOFCOM on December 21, Chinese domestic steel price decreased by 0.4% last week as compared to prior week and by 1.2% vs middle November. Looking at the price trend in last week in detail, the price for CR sheet with thickness of 1mm, rebar with diameter of 12 mm and high speed wire rod with diameter of 6.5 mm had decreased by 0.8%, 0.5% and 0.5 week over week. This was also the fourth consecutive weekly decline.
Meanwhile, during the given period, the social construction steel inventories in Chinese 29 main cities had amounted to 5.6716 million t, dropping by 1.2% week over week and by 19.6% as compared to middle October.
As the approaching Spring Festival, traders have curtailed their procurement orders substantially. Thus steel mills' sales volumes are filled with huge challenges in this special period.