MOC: Construction steel stocks increase in China

China's Ministry of Commerce (MOC) has stated that in the last three weeks there have been increased finished steel product purchases by traders in China, while construction enterprises have been increasing their steel product stocks during the weeks in question, resulting in increases in domestic finished steel prices. In addition, from January 17 to January 23, the MOC said that China's domestic steel prices increased by 1.0 percent compared with the previous week, with prices of 3 mm hot rolled sheet, 14# I-beam, and 20 mm x 1.2 mm welded pipes up by 2.0 percent, 1.8 percent and 1.7 percent respectively.
 
Traders and construction enterprises have increased their stocks of construction materials. On January 21, total inventory of construction steel in 29 major Chinese cities was up by 6.9 percent week on week and up 23.1 percent month on month.
 
Additionally, the Ministry of Commerce stated that Chinese mills have raised their ex-work prices lately and that it is expected that China's steel prices will keep rising in the short term.