Chinese domestic semi-finished steel market moves up further

Tuesday, 28 February 2017 14:09:04 (GMT+3)   |   Shanghai
       

During the week ending February 28, Chinese domestic semi-finished steel prices have indicated upward movement, while transaction activity in the overall market is now at medium levels. Average prices of steel billet and slab in the local Chinese market are presented in the following table.
 
During the given week, bullish sentiment still prevails in the domestic finished steel market where prices continue to rise, exerting a positive impact on domestic semi-finished steel prices. Meanwhile, with the weather getting warmer, rolling mills have gradually increased their purchases and inquiries, thereby providing support for semi-finished steel prices and boosting the confidence among players in the semi-finished steel market. However, it is heard that China's National Development and Reform Commission (NDRC) has started an investigation against excessive speculation in relation to commodities (the investigation has not yet been confirmed by the Chinese authorities), and this has exerted a negative impact on the ferrous futures market in China. It is thought that semi-finished steel prices in the Chinese domestic market will likely move sideways in the coming week.

 

Product Name

Spec.

Category

City

Price (RMB/mt)

Price ($/mt)

Weekly Change (RMB/mt)

Billet

150 mm x 150 mm

Q195-Q235

Tangshan

3,380

492

0

Jinzhong

3,250

473

↑50

Fuzhou

3,450

502

↑30

Jiangyin

3,500

509

↑60

Average price

3,395

494

↑35

Billet

150 mm x 150 mm

20 MnSi

Tangshan

3,500

509

0

Jinzhong

3,350

488

↑50

Fuzhou

3,550

517

↑30

Jiangyin

3,630

528

↑80

Average price

3,508

511

↑40

Slab

250*1800*6000

Q235

Tangshan, Hebei

3,350

488

0

All prices are ex-warehouse and on actual weight basis and include 17 percent VAT.
 
$1 = RMB 6.87


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