China's Ministry of Commerce (MOC) has announced that during last week (March 9-15) the overall average finished steel price in China edged down slightly on week-on-week basis.
In the given week, the average prices of high-speed wire rod, rebar, steel channel and hot rolled coil edged down by 0.4 percent, 0.4 percent, 0.3 percent and 0.2 percent, respectively, week on week.
On March 17, major Chinese steelmaker Nanjing Iron and Steel Group announced an increase in its ex-works rebar prices of RMB 20/mt ($2.8/mt), which will provide support for steel prices in the Chinese market.
Recently, demand for steel in Chinese domestic market has improved, which will exert a positive impact on the steel market in the coming period.
$1 = RMB 7.0328