China's Ministry of Commerce (MOC) has announced that during last week (June 1-7) the overall average finished steel price in China moved up further on week-on-week basis.
In the given week, the average prices of rebar, hot rolled steel strip, high-speed wire rod and steel channel edged up by 0.9 percent, 0.8 percent, 0.7 percent and 0.7 percent, respectively, week on week.
On June 1, Jiangsu Province-based Shagang Group, China’s largest private steelmaker, raised its offer prices for rebar, high-speed wire rod and bar-in-coil by RMB 50/mt ($7.0/mt) for the June 1-10 period, signaling its bullish view of the future prospects for the market.