MOC: China’s average steel prices down 0.4 percent week on week

According to China's Ministry of Commerce (MOC), due to the weakening of construction steel demand and relatively stable output levels, steel prices in the Chinese market have continued to drop down in the last three weeks. On July 3, steel prices in China indicated an average decrease of 0.4 percent week on week.
 
During the summer, construction activities in China are expected to decrease and so purchased tonnages are expected to shrink to some extent, the MOC said. Meanwhile, as of July 3, the total inventory of construction steel products in China stood at 6.85 million mt, up 16,000 mt week on week. The MOC expects that there will be a slight decrease in Chinese steel prices in the coming period.