China's Ministry of Commerce (MOC) has announced that during last week (August 26-September 1) the overall average finished steel price in China edged down further on week-on-week basis.
In the given week, the average prices of rebar, high-speed wire rod, common steel medium plate and hot rolled steel strip moved down by 1.1 percent, 0.9 percent, 0.8 percent and 0.6 percent, respectively, week on week.
However, steel futures prices in China started to move up as of August 30 due to the rebounding trend seen in iron ore prices, reflecting changing sentiment. Rebar futures (RB 2001) at the Shanghai Future Exchange came to RMB 3,403/mt ($482/mt) on Tuesday, September 3, up RMB 53/mt ($7.5/mt) or 1.6 percent from last Friday’s level.