CISA: China composite steel price index up 0.06 percent during October

According to data released by the China Iron and Steel Association (CISA) on November 17, as of the end of October (October 31) the composite steel price index (CSPI) for the Chinese domestic market was at 86.40 points, up 0.05 points or 0.06 percent month on month, indicating the first uptick after declines in the previous five months, while decreasing by 12.52 points or 12.66 percent year on year.
                           
At the end of October, the CSPI long steel index was at 87.36 points, up 1.38 points or 1.61 percent month on month and decreasing by 13.89 points or 13.72 percent year on year, while the CSPI flat steel index stood at 87.01 points, down 1.27 points or 1.44 percent month on month and declining by 11.10 points or 11.31 percent year on year.
 
During October, among the eight main steel products monitored by the CISA, wire rod and rebar indicated an increase after their previous downward movement, rising by RMB 93/mt ($15.2/mt) and RMB 91/mt ($14.8/mt) respectively. During the month of October, prices of angles, medium plate, hot rolled coil (HRC), cold rolled sheet (CRS), hot dip galvanized (HDG) and seamless pipe indicated decreases of RMB 46/mt ($7.5/mt), RMB 95/mt ($15.5/mt), RMB 56/mt ($9.1/mt), RMB 40/mt ($6.5/mt), RMB 55/mt ($9.0/mt) and RMB 57/mt ($9.3/mt) respectively.
 
During October, the CSPI indicated a declining trend in the first week of the month, while seeing a slight rebound in the second and third week, while softening again in the fourth week of the month. As of the end of the first week of November, the CSPI had dropped to 86.35 points.