According to data released by the
China Iron and Steel Association (CISA) on June 16, as of the end of May (May 31) the composite steel price index (CSPI) for the Chinese domestic market was at 94.27 points, down 1.70 points or 1.77 percent month on month and down 7.56 points or 7.42 percent year on year.
At the end of May, the CSPI long steel index was at 95.80 points, down 2.39 points or 2.43 percent month on month and decreasing by 8.61 points or 8.25 percent year on year, while the CSPI flat steel index stood at 95.22 points, down 1.01 points or 1.05 percent month on month and declining by 5.52 points or 5.48 percent year on year.
During May, among the eight main steel products monitored by the CISA, long products and hot rolled plates shifted from upward to downward movement, while cold rolled sheet and hot rolled seamless pipe continued their decreasing trend, and hot dip galvanized (HDG) prices remained stable. In particular, during the month of May prices of wire rod, rebar, angle, medium plates, hot rolled coil (HRC), cold rolled sheet (CRS) and seamless pipe indicated decreases of RMB 82/mt ($13.4/mt), RMB 100/mt ($16.3/mt), RMB 62/mt ($10.1/mt), RMB 39/mt ($6.4/mt), RMB 46/mt ($7.5/mt), RMB 50/mt ($8.2/mt) and RMB 31/mt ($5.1/mt), respectively.
During May, the CSPI indicated an overall decreasing trend from the first week of the month. Up to the end of the second week of June, the CSPI has dropped to 93.86 points, declining for eight consecutive weeks and falling to its lowest level since February 2006.