Slack transaction activity in Chinese domestic semi-finished steel market

During the week ending August 30, Chinese domestic semi-finished steel prices have continued their upward trend, while transaction activity in the overall market has slackened and is now a low levels. Average prices of steel billet and slab in the local Chinese market are presented in the following table.

During the given week, buyers were reluctant to buy in higher offer prices, resulting slack transaction activity in domestic semi-finished steel market. Meanwhile, as bearish sentiment prevails among traders in the finished steel market, which will exert negative pressure on semi-finished steel prices. It is thought that semi-finished steel prices in the Chinese domestic market will likely indicate a downward movement in the coming week.