Chinese domestic semi-finished steel prices mostly increase

As of January 2, Chinese domestic semi-finished steel prices have mostly increased week on week, 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, average semi-finished steel prices in China first moved downwards as traders were seeking to bring in cash before the end of the year, though prices increased again before the New Year holiday, boosted by increases in ferrous metal futures prices. Today, January 2, rebar and HRC futures prices at Shanghai Futures Exchange (SHFE) have increased, providing further support for semi-finished steel prices. However, most traders are unwilling to sell after the holiday as they expect to see better prices in the coming period. It is thought that semi-finished steel prices in the Chinese domestic market will move sideways in the week ahead.

All prices are ex-warehouse and on actual weight basis and include 17 percent VAT.
 
$1 = RMB 6.49