China's Ministry of Commerce (MOC) has announced that during last week (June 8-14) the overall average finished steel price in China edged up further on week-on-week basis.
In the given week, the average prices of high-speed wire rod and rebar moved down by 0.2 percent and 0.1 percent, respectively, while average prices of hot rolled steel strip edged up by 0.2 percent, all week on week.
On June 11, Jiangsu Province-based Shagang Group, China’s largest private steelmaker, raised its offer prices for rebar, high-speed wire rod and bar-in-coil by RMB 50/mt ($7.0/mt), for the June 11-20 period.
This week sentiment has started to weaken in the Chinese steel market as the rainy season has curbed demand in southern and eastern China.
$1 = RMB 7.0873