Liaoning sees weaker prices

Liaoning sees weaker prices

According to the price announcement by the Metallurgy Department of Liaoning Economic Committee, the market prices of steel in northeastern China's Liaoning province fell sharply in August due to the oversupply situation of both long and flat products. Compared to July, August construction steel prices, including ordinary wire rod and rebar, fell RMB 150/ton ($19). Round bar fell RMB 200/ton ($25); medium plate, RMB 250/ton ($31); and shipbuilding plate, RMB 200/ton ($25). The prices of specialty steel varieties also declined. The price of 16 mm thick high quality carbon steel fell RMB 200/ton (25$) month on month, and 20 mm thick bearing steel fell RMB 600/ton ($74). The inventory situation in Liaoning province is currently very high, but demand is weak. A rebound is not expected soon; however, the price fluctuation will not be very high either. The ex-works price decreases of major steelmakers in August also contributed to the above-mentioned market price declines.