China’s steel price ups 0.3 percent last week

According to the data issued by China's Ministry of Commerce (MOC), in the week ending July 17, domestic steel prices were up 0.3 percent compared to the previous week. Specifically, the prices of 145 mm x 2.5 mm hot rolled strip, 6.5 mm high speed wire rod and 12 mm rebar registered a week-on-week increase of 0.8 percent, 0.7 percent and 0.4 percent.
 
MOC cited the price upticks were mainly attributed by higher production costs and decreasing market inventories.
 
During the period in question, the common carbon billet price in Tangshan, China was RMB 4,390/mt ($678.5/mt), rising by 3.3 percent week on week. As the end-users making more bookings, market inventories remained decreasing. As of July 15, the total market inventory of steel products in China indicated a decrease of 1.1 percent as compared to the previous week and 7.3 percent year on year.