According to the data released by MOFCOM on August 24, China's domestic steel price inched up 0.4% for the week ended on August 21 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 risen by 0.8% and 0.6% respectively week over week.
In terms of the stockpiles, the social construction steel inventories in China's 29 main cities have amounted to 6.4061 million t, dropping by 3.3% vs middle July and by 7% as compared to the corresponding period of last year.
On the other hand, the data from CISA has shown that China's registered steelmakers have contributed a daily crude steel output of 1.631 million t in early August, up 1.24% as compared to late July. In this context, China's steel price may stabilize in the short run.