MOC: Average steel price in China up 0.6 percent week on week

On April 14, the Chinese Ministry of Commerce (MOC) stated that steel prices in China have climbed up slightly entering the spring season. During the week ending April 10, Chinese domestic steel prices have risen by 0.6 percent week on week on average. Specifically, in the week in question, the sales prices of 145 mm x 2.5 mm hot rolled steel strip, 20 mm x 1.2 mm welded pipe and 12 mm rebar respectively increased by 1.0 percent, 1.0 percent and 0.9 percent as compared with the previous week.
 
The MOC also said that, as more construction projects commence, market demand is being gradually released. In the given week, inventory levels of construction steel products in China declined by 2.3 percent week on week. It is expected that steel prices will continue to rise slightly in the coming period in Chinese domestic market, the MOC stated.