According to China's Ministry of Commerce, the average steel price in the Chinese domestic market declined by 0.4 percent week on week in the week ending December 25 and was down 1.6 percent as compared to the mid-November period. This is the fifth consecutive week during which Chinese domestic steel prices have indicated a slight decline. In particular, construction steel prices in the market have indicated the most noticeable decrease. 12 mm rebar and 6.5 mm high speed wire rod prices both declined by 0.6 percent week on week in the week in question.
China's Ministry of Commerce also stated that last week iron ore prices in the Chinese market registered a week-on-week decrease of 1.7 percent. Meanwhile, UK-based CRU Group's global steel price index slipped down by 2.1 percent week on week last week to 186.8 points.