Local Chinese semi-finished steel prices move upwards

During the week ending February 27, Chinese domestic semi-finished steel prices have moved upwards, while transaction activity in the market has been at low levels. Average prices of steel billet and slab in the local Chinese market are presented in the following table.

Semi-finished steel prices in the Chinese domestic market are now higher compared to the levels seen before the Chinese New Year holiday. Market participants are bullish on the future prospects for the market, though demand from downstream users has not yet recovered to normal levels. After the rapid price rises seen in the past two days, market players are beginning to show some signs of greater caution. It is thought that semi-finished steel prices in the Chinese domestic market will likely edge up in the coming week.

All prices are ex-warehouse and on actual weight basis and include 17 percent VAT.
 
$1 = RMB 6.31