According to the Chinese Ministry of Commerce (MOC), in the week from May
2 to May 8 average domestic steel prices in China went up by 0.9 percent week on week. In particular, in the week in question the average prices of 12 mm diameter rebar and 6.5 mm diameter high-speed wire rod in China increased by 1.7 percent and 1.6 percent week on week respectively.
Because of the power shortage in southern China, several provinces have introduced power rationing measures to cope with the situation, and this will certainly affect the production of steel mills. In this context, the MOC expects that the domestic prices of steel products, especially construction steel products, will edge up in the days to come.