Local Chinese semi-finished steel prices mostly increase

During the week ending October 16, Chinese domestic semi-finished steel prices have mostly increased, while transaction activity in the market has been 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, domestic semi-finished steel prices in China have mostly moved up. Blast furnaces’ capacity utilization rate has continued to edge up slightly, while downstream users have concluded purchases for replenishing their inventories after the long holiday. Meanwhile, ferrous metal futures prices have moved up in the given week, exerting a positive impact on semi-finished steel market. It is expected that semi-finished steel prices will likely edge up further in the coming week.

All prices are ex-warehouse and on actual weight basis and include 16 percent VAT.
 
$1 = RMB 6.92