According to data released by the China Iron and Steel Association (CISA) on March 12, as of the end of February (February 28) the composite steel price index (CSPI) for the Chinese domestic market was at 75.06 points, down 2.07 points or 2.68 percent month on month, compared to a decline of 7.17 percent during the month of January, while the index decreased in February by 21.40 points or 21.92 percent on year-on-year basis.
At the end of February, the CSPI long steel index was at 74.34 points, down 2.08 points or 2.72 percent month on month and decreasing by 24.29 points or 24.63 percent year on year, while the CSPI flat steel index stood at 76.88 points, down 1.21 points or 1.55 percent month on month and declining by 19.12 points or 19.92 percent year on year.
During February, among the eight main steel products monitored by the CISA, prices of hot rolled coil (HRC), hot dip galvanized (HDG), cold rolled sheet (CRS) and medium plate indicated sharp declines, decreasing by RMB 107/mt ($17.1/mt), RMB 98/mt ($15.7/mt), RMB 91/mt ($14.5/mt) and RMB 73/mt ($11.7/mt). During the month of February, prices of high speed wire rod, rebar, angles and seamless pipe indicated decreases of RMB 68/mt ($10.9/mt), RMB 70/mt ($11.2/mt), RMB 68/mt ($10.9/mt) and RMB 49/mt ($7.8/mt).
In February, the CSPI indicated a gradual declining trend, while it has moved on a slight downtrend in the first two weeks of March. As of the end of the second week of March, the CSPI has dropped to 74.14 points.