Local Chinese semi-finished steel prices increase

During the week ending October 23, Chinese domestic semi-finished steel prices have indicated slight increases, 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, domestic semi-finished steel prices in China have indicated a fluctuating trend by moving up first and edging down later, tough the average price has closed the week at higher levels week on week. In the last seven days, blast furnaces’ capacity utilization rates in China have decreased slightly, shrinking the supply of semi-finished steel to the spot market. However, demand for semi-finished steel has also been slacker due to strict environmental protection measures. It is expected that semi-finished steel prices in the Chinese domestic market will likely move sideways in the coming week. 

All prices are ex-warehouse and on actual weight basis and include 16 percent VAT.
 
$1 = RMB 6.94