Chinese domestic semi-finished steel market moves on rising trend

During the week ending February 14, Chinese domestic semi-finished steel prices have indicated upward movement, while transaction activity in the overall market is at low-to-medium levels. Average prices of steel billet and slab in the local Chinese market are presented in the following table.

During the given week, ferrous metal futures prices in China have rebounded significantly, boosting confidence among players in the domestic semi-finished steel market. Rolling mills have been actively purchasing semi-finished steel due to the increases in finished steel prices, resulting in decent transaction activity. Meanwhile, iron ore prices have also moved up, providing additional support for semi-finished steel prices. It is thought that semi-finished steel prices in the Chinese market will likely rise further in the coming week.

 

 

All prices are ex-warehouse and on actual weight basis and include 17 percent VAT.

 

$1 = RMB 6.87