MOC: Chinese steel prices to indicate slight increase

On April 21, China's Ministry of Commerce (MOC) stated that purchases from construction steel end-users in China have increased in line with seasonal expectations, adding that domestic steel prices have seen a slight recovery during three consecutive weeks. In the week of April 11-17, steel prices in the Chinese domestic market rose by 1.3 percent week on week, with prices of 20 mm x 1.2 mm welded pipe, 12 mm rebar and 10 mm common medium plate increasing by 2.0 percent, 1.9 percent and 1.9 percent respectively on week-on-week basis.
 
At the end of the week in question, construction steel market inventories in 29 major cities in China totaled 9.254 million mt, down 2.5 percent week on week and down 10.5 percent from mid-March levels. The MOC expects that steel prices in China will continue to indicate a slight increase in the short term.