Local Chinese semi-finished steel prices mostly rise slightly

As of April 30, Chinese domestic semi-finished steel prices have mostly edged up slightly on week-on-week basis, 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.

While semi-finished steel prices in China increased in the first part of the given week, downstream users were unwilling to conclude purchases at high prices and so prices softened again. Later in the given week, downstream users have been more willing to conclude purchases at the lower levels and this again bolstered semi-finished steel prices, resulting in price increases. Due to the Labor Day holiday (May 1-4), demand is expected to be quiet. As for the coming week, it is thought that semi-finished steel prices in the Chinese domestic market will move sideways and may fluctuate within a limited range after the holiday.

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

$1 = RMB 6.74