Chinese domestic semi-finished steel market moves up

During the week ending July 18, Chinese domestic semi-finished steel prices have indicated an overall uptrend, 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 table below.

During the given week, semi-finished steel prices have seen an overall uptrend as ferrous metal futures prices have indicated an upward movement. However, following the continuous price rises seen in semi-finished steel, downstream users have become more cautious in making purchases. It is thought that semi-finished steel prices will likely see slight downward corrections first in the coming week, though later it will likely edge up further.

All prices are ex-warehouse and on actual weight basis and include 17 percent VAT.
 
$1 = RMB 6.76