Chinese domestic semi-finished steel prices increase

During the week ending October 24, Chinese domestic semi-finished steel prices have indicated an overall upward trend, 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, some steelmakers have carried out maintenance at their blast furnaces, resulting in decreases in semi-finished steel supply, thereby boosting semi-finished steel prices. Traders have been unwilling to sell as they want to wait for better prices. Meanwhile, demand for semi-finished steel has been better than in the previous week as some rolling mills have increased their production capacity utilization rates. However, demand for finished steel has been slack, which will negatively affect both finished steel prices and semi-finished steel prices. It is thought that semi-finished steel prices will likely move upwards in the coming week.

All prices are ex-warehouse and on actual weight basis and include 17 percent VAT.
 
$1 = RMB 6.63