Chinese domestic semi-finished steel market continues to move up

During the week ending August 9, Chinese domestic semi-finished steel prices have continued their upward trend, while transaction activity in the overall market has been better than in the previous week, though it is still at low levels. Average prices of steel billet and slab in the local Chinese market are presented in the following table.

During the given week, ferrous metal futures prices in China have indicated significant increases, providing support for the upward movement of domestic finished and semi-finished steel prices. Some rolling mills which had halted production plan to resume their production activities and they have been building up some inventories of semi-finished steel, thereby boosting transaction activities. It is thought that semi-finished steel prices in the Chinese domestic market will likely edge up in the coming week.

The above prices include 17 percent VAT
 
$1 = RMB 6.66