China's Ministry of Commerce (MOC) has announced that during last week (June 29-July 5) the overall average finished steel price in China edged down slightly.
In the given week, the average prices of rebar, high-speed wire rod and hot rolled steel strip moved down by 0.5 percent, 0.4 percent and 0.2 percent, respectively, week on week.
On July 8, Anhui Province-based Ma’anshan Iron and Steel and Jiangsu Province-based Nanjing Iron and Steel have announced increases in their offer prices for rebar by RMB 20/mt ($2.8/mt) and RMB 30/mt ($4.2/mt), signaling their optimistic views of the future prospects for the market amid the bullish sentiments prevailing in the stock markets.
$1 = RMB 7.0207