On May 5, China's Ministry of Commerce (MOC) announced that Chinese domestic steel prices rose by an average of 0.9 percent in the week from April 25 to May 1, as compared to the previous week. The prices of construction steel increased significantly in the given week, with prices of both 12 mm rebar and 6.5 mm high speed wire rod rising by 1.9 percent week on week.
In line with the uptrend of prices of iron ore and coking coal, Chinese domestic steel prices are expected to move up slightly in the near term.