China's Ministry of Commerce (MOC) has announced that average Chinese steel prices have declined for the third consecutive week in the week from May 23 to May 29, decreasing by 0.1 percent compared with the previous week. The MOC also stated that average domestic steel prices are expected to follow a stable trend in the short term.
However, both upward and downward trends have been observed for the different products in the week in question. Average prices of 0.5 mm non-grain-oriented silicon steel sheet, 3 mm hot rolled common sheet and 1 mm cold rolled common sheet declined by 1.2 percent, 0.3 percent and 0.3 percent respectively week on week. On the other hand, average prices of 12 mm rebar and 6.5 mm high speed wire rod were both up 0.1 percent week on week due to reduced inventories caused by increased purchases from construction enterprises.