China's Ministry of Commerce (MOC) has announced that during last week (January 6-12 2020) the overall average finished steel price in China edged down slightly on week-on-week basis.
In the given week, the average prices of rebar, high-speed wire rod and hot rolled coil (HRC) edged down by 0.2 percent, 0.2 percent and 0.1 percent, respectively, week on week.
Major Chinese steelmaker Shagang Group has cut its ex-works prices for long steel by RMB 80/mt for January 11-20 period, weakening the support for steel prices.