China's Ministry of Commerce (MOC) has announced that during last week (September 2-8) the overall average finished steel price in China edged up on week-on-week basis.
In the given week, the average prices of high-speed wire rod, rebar, common steel medium plate and hot rolled steel strip moved up by 0.9 percent, 0.9 percent, 0.3 percent and 0.2 percent, respectively, week on week.
Due to the stimulus from macro policy, for instance, the People’s Bank of China (PBC) announced on September 6 that it has decided to lower the required reserve ratio (RRR) for financial institutions by 0.5 percentage points on September 16, steel futures prices in China moved on an uptrend. Rebar futures (RB 2001) at the Shanghai Future Exchange came to RMB 3,479/mt ($491/mt) on Tuesday, September 10, up RMB 92/mt ($13.0/mt) or 2.7 percent from last Friday’s level.