According to data released by the China Iron and Steel Association (CISA) on February 15, as of the end of January (January 31) the composite steel price index (CSPI) for the Chinese domestic market was at 77.13 points, down 5.96 points or 7.17 percent month on month, compared to a decline of 2.58 percent during the month of December, while the index decreased in January by 20.52 points or 21.01 percent on year-on-year basis.
At the end of January, the CSPI long steel index was at 76.42 points, down 6.29 points or 7.60 percent month on month and decreasing by 23.89 points or 23.82 percent year on year, while the CSPI flat steel index stood at 78.09 points, down 7.01 points or 8.24 percent month on month and declining by 18.65 points or 19.28 percent year on year.
During January, among the eight main steel products monitored by the CISA, prices of medium plate, wire rod and hot rolled coil (HRC) indicated sharp decreases, declining by RMB 305/mt ($49.8/mt), RMB 250/mt ($40.8/mt),and RMB 248/mt ($40.5/mt) respectively. During the month of January, prices of rebar, angles, cold rolled sheet (CRS), hot dip galvanized (HDG) and seamless pipe indicated decreases of RMB 223/mt ($36.4/mt), RMB 168/mt ($27.4/mt), RMB 163/mt ($26.6/mt), RMB 154/mt ($25.1/mt) and RMB 147/mt ($24.0/mt), respectively.
During January, the CSPI indicated a gradual declining trend, while it also continued its slight downtrend in the first and second weeks of February. As of the end of the second week of February, the CSPI had dropped to 75.15 points, which is only 0.50 points higher than the lowest historical level recorded at the end of January 2003.