China's Ministry of Commerce (MOC) has forecast that finished steel prices in China will likely move on a soft trend due to the ongoing slackening of demand for finished steel as construction sites are gradually halting their activities due to the approach of the Chinese New Year holiday (February 2-10).
The MOC had recently reported that as of January 6 average prices of rebar, high-speed wire rod and hot rolled steel strip in China decreased by 0.8 percent, 0.7 percent and 0.7 percent, respectively, week on week.