China's Ministry of Commerce (MOC) has announced that during last week (June 15-21) 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, steel channel and rebar moved down by 0.6 percent, 0.5 percent and 0.5 percent, respectively, week on week.
On June 21, Jiangsu Province-based Shagang Group, China’s largest private steelmaker, announced unchanged offer prices for rebar, high-speed wire rod and bar-in-coil for the June 21-30 period, signaling its bearish view of the future prospects for the market amid rainy weather conditions and floods.