Local Chinese semi-finished steel prices fluctuate

As of April 10, Chinese domestic billet prices have mostly increased slightly week on week, with slab prices in Tangshan at the same levels as one week ago, 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.

At the beginning of the given week, domestic semi-finished steel prices moved up first following the sharp declines recorded in the previous period. However, because of the Tomb Sweeping Holiday (April 5-6), semi-finished steel prices moved down again later. In the past two trading days after the holiday, domestic semi-finished steel prices have rebounded again since demand has improved. Currently, steel mills are inclined to increase supply of semi-finished steel, which will likely exert a negative impact on semi-finished steel prices in the coming period. Meanwhile, the ongoing international trade frictions have also negatively affected sentiment in the semi-finished steel market. It is thought that domestic semi-finished steel prices will likely move sideways in the week ahead, though downticks may be seen in the regions where relatively larger price increases were observed in the past week.

All prices are ex-warehouse and on actual weight basis and include 17 percent VAT.
 
$1 = RMB 6.30