According to data released by the China Iron and Steel Association (CISA) on August 17, as of the end of July (July 31) the composite steel price index (CSPI) for the Chinese domestic market was at 62.73 points, down 3.96 points or 5.94 percent month on month, with the decline 0.78 percentage points larger than that recorded in June, while the index in July decreased by 28.93 points or 31.56 percent on year-on-year basis.
At the end of July, the CSPI long steel index was at 63.46 points, down 3.04 points or 4.57 percent month on month and decreasing by 29.18 points or 31.50 percent year on year, while the CSPI flat steel index stood at 62.35 points, down 4.97 points or 7.38 percent month on month and declining by 30.88 points or 33.12 percent year on year.
During July, among the eight main steel products monitored by the CISA, prices of high-speed wire rod, rebar, angles, medium plate, hot rolled coil (HRC), cold rolled sheet (CRS), hot dip galvanized (HDG), and seamless pipe indicated decreases of RMB 59/mt ($9.22/mt), RMB 72/mt ($11.61/mt), RMB 122/mt ($19.06/mt), RMB 146/mt ($22.81/mt), RMB 220/mt ($34.38/mt), RMB 241/mt ($37.66/mt), RMB 187/mt ($29.22/mt) and RMB 130/mt ($20.31/mt).
In July, the CSPI indicated a declining trend in the first two weeks, while it edged up slightly in the third week of the month and edged down again in the fourth week. As of the end of the second week of August, the steel prices indicated a rebounding trend.