Local Chinese semi-finished steel prices mostly edge upwards

During the week ending May 7, 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 China have mostly increased due to good demand from downstream users. However, following the increases, buyers have been less willing to conclude purchases, which will likely exert negative pressure on prices. It is thought that semi-finished steel prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.

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

$1 = RMB 6.76