Local Chinese semi-finished steel prices mostly edge up slightly

As of July 17, Chinese domestic semi-finished steel prices have mostly increased 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.

During the given week, semi-finished steel prices have mostly moved upwards, while the decreases in rebar futures prices at Shanghai Futures Exchange (SHFE) in the past two trading days have negatively affected semi-finished steel prices in some regions. Following the rises in prices of semi-finished steel, transaction activity slowed down to some extent, though transaction activity has picked up in the past two days due to the decreases seen in some semi-finished steel prices. The current demand for semi-finished steel will provide some support for prices. It is expected that semi-finished steel prices in the Chinese domestic market will move sideways in the coming week.

All prices are ex-warehouse and on actual weight basis and include 16 percent VAT.
$1 = RMB 6.68