Local Chinese semi-finished steel prices move on upward trend

During the week ending April 16, Chinese domestic semi-finished steel prices have indicated an overall 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, demand in China for semi-finished steel has improved, while semi-finished steel inventories at finished steel producers have been at relatively low levels, with these factors providing support for semi-finished prices. However, following the rises in finished steel prices, downstream users have been less willing to conclude purchases of finished steel, which will also exert a negative impact on the semi-finished steel market. It is expected that semi-finished steel prices in the Chinese domestic market will fluctuate at the current high levels in the coming week.

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

$1 = RMB 6.71