MOC: Average finished steel price in China indicates a downtrend last week

Wednesday, 16 October 2019 14:07:51 (GMT+3)   |   Shanghai

China's Ministry of Commerce (MOC) has announced that during last week (October 7-13) the overall average finished steel price in China edged down on week-on-week basis.

In the given week, the average prices of high-speed wire rod, rebar and common steel plate moved down by 0.3 percent, 0.2 percent and 0.2 percent, respectively, week on week.

The prevailing bearish sentiments following the week-long holiday negatively affected rebar and wire rod market. Meanwhile, iron ore prices have moved down, also weakening the support to finished steel prices in the Chinese domestic market.

Rebar futures (RB 2001) at the Shanghai Future Exchange came to RMB 3,346/mt ($491.6/mt) on Tuesday, October 15, down RMB 124/mt ($17.5/mt) or 3.6 percent from RMB 3,470 on September 30.  

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