Chinese domestic semi-finished steel market moves up

As of June 13, Chinese domestic semi-finished steel prices have increased on week-on-week basis, while transaction activity in the market has been 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, semi-finished steel prices first declined but later moved on an upward trend with the support of rising steel futures prices. Currently, due to rainy weather in most places of China, demand for finished steel has been slack, while supply is not high amid reduced supply volumes from producers. It is thought that semi-finished steel prices in the Chinese market will move sideways or rise slightly in the coming week.

All prices are ex-warehouse and on actual weight basis and include 17 percent VAT.
 
$1 = RMB 6.80