According to China's Ministry of Commerce (MOC), affected by the lower iron ore price and reduced purchases by traders, China's average steel prices fell slightly in the week from April 18 to April 24, after three consecutive weeks of increase. As of April 24, the average steel price in the Chinese domestic market was down by 0.2 percent week on week, with the average prices of 0.5 mm non-grain-oriented silicon steel, 145 mm x 2.5 mm hot rolled strip and 10 mm common medium plate down by 1.2 percent, 0.8 percent and 0.5 percent on week-on-week basis, respectively.
In the given week, iron ore prices declined by 2.1 percent week on week. As of April 24, aggregate construction steel inventory in 29 major cities in China amounted to 8.866 million mt, down 4.2 percent week on week.
Due to the approach of the Labor Day holiday, end-users are expected to complete purchases in advance, and average steel prices in China are expected to follow a stable trend in the coming period.