China's Ministry of Commerce (MOC) has announced that last week (March 23-29) the overall average finished steel price in China edged down slightly on week-on-week basis.
In the given week, the average prices of rebar, steel channel, hot rolled steel strip and high-speed wire rod edged down by 0.7 percent, 0.5 percent, 0.5 percent and 0.4 percent, respectively, week on week.
Chinese major steelmaker Shagang Group has held its offer prices for rebar, high-speed wire rod and bar-in-coil stable for April 1-10, signaling its cautious view of the future prospects for the steel market.
This week, long steel prices in China have moved down more rapidly, reflecting less-than-expected demand and the pressure of still high stocks. According to SteelOrbis’ data, the average local rebar price in China has fallen by 2.4 percent since last Thursday.