Slack activity in Chinese domestic semi-finished steel market

As of June 22, average Chinese domestic semi-finished steel prices are at the same levels as one week earlier, despite the fluctuations in prices seen during the past week, while transaction activity in the overall market has been at low levels. Average prices of steel billet and slab in the local Chinese market are presented in the table below.

During the given week, sluggish finished steel consumption has exerted a negative impact on semi-finished steel, resulting in a prevailing wait-and-see mood and low activity in the domestic semi-finished steel market.

Recently, the high temperatures in northern China and the rainy weather in southern China have hindered transaction activities in the semi-finished steel market. Meanwhile, stormy weather in the middle and lower reaches of the Yangtze river is also negatively affecting demand for semi-finished steel. It is thought that semi-finished steel prices in the Chinese domestic market will likely edge down further in the coming week.

The above prices include 17 percent VAT
 
$1 = RMB 6.58