According to the data released by MOFCOM on September 29, China's domestic steel price had declined by 1.2% for the week ended on September 25 compared to prior week. For instance, the price for high speed wire rod with diameter of 6.5 mm and rebar with diameter of 12 mm had decreased by 1.9% and 2.2% week over week. This was also the fifth consecutive weekly decline.
Meanwhile, the social construction steel inventories in China's 29 main cities had amounted to 6.8754 million t till September 23, surging by 7.6% compared to late August and by 5.6% year over year. On the other hand, the iron ore price had dropped by 3.4% last week vs prior week. Influenced by these factors, the steel price slighted again.