Local Chinese semi-finished steel prices mostly move upwards

During the week ending May 21, Chinese domestic semi-finished steel prices have mostly indicated an upward trend, 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, semi-finished steel prices in the Chinese market edged down initially but moved up later in the week due to increases in rebar futures prices in China. Supplies of semi-finished steel have increased, while inventories in the market are at relatively low levels, providing some support for semi-finished steel prices. At the same time, downstream users are still seeking to purchase semi-finished steel. It is thought that semi-finished steel prices in the Chinese domestic market will likely increase further in the coming week.

All prices are ex-warehouse and on actual weight basis and include 13 percent VAT.

$1 = RMB 6.91