Some slackening of activity in Chinese domestic semi-finished steel market

During the week ending April 26, semi-finished steel prices in the Chinese domestic market have continued their upward trend, while transaction activity in the overall market has slackened compared to the previous week. Average prices of steel billet and slab in the local Chinese market are presented in the table below.

During the given week, bullish sentiment has continued to prevail in the ferrous metal markets, while speculative purchasing activity has also contributed to rises in domestic semi-finished steel prices. Steel producers and traders have been less willing to sell, waiting for further increases in semi-finished steel prices. In the last two to three days, however, suppliers have been showing greater interest in sales, while rolling plants have been cautious as regards purchasing semi-finished steel, resulting in slower transaction activity. It is thought that semi-finished steel prices will likely edge down in the coming week.

The above prices include 17 percent VAT
 
$1 = RMB 6.49