According to the data released by MOFCOM on 9th November, Chinese domestic steel price had declined by 0.1% for the week ended on November 6 as compared to prior week and by 9.5% compared to middle August. For instance, the price for silicon steel sheet with thickness of 0.5 mm, galvanized steel sheet with thickness of 1 mm and CR steel sheet with thickness of 1 mm had decreased by 1.3%, 1% and 0.2% respectively week over week. This was also the eleventh consecutive weekly decline.
However, the price both for rebar with diameter of 12 mm and high speed wire rod with diameter of 6.5 mm in last week had inched up by 0.8% as compared to previous week.
Influenced by the above price trend, traders and final customers are puzzled by global market conditions and both of them are currently holding an attitude of wait-and-see towards the future market.