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China's Steel Market Starts by Drop in Prices in 1st Week of June as Well
The Chinese steel market continued a slow decline in prices of steel products even starting in June. According to information released last week by the China Iron & Steel Association (CISA), the market price of hot-rolled (HR) steel coils dropped by 65 CNY ($10) from the previous week, and that of galvanized steel sheets also dipped below 5,000 CNY ($794). It was remarkable that the range of price down of steel wire rods was expanding these days.

According to the CISA, the marker price of HR coils on national average last week was 3,649 CNY ($579 including tax, hereinafter the same), down 65 CNY from the previous week. That of cold-rolled steel sheets was 4,578 CNY ($727), also down 29 CNY (a little less than $5). That of galvanized sheets was 4,960 CNY ($787), down 45 CNY ($7) which fell below the mark of 5,000 CNY. It was 478 in dollars excluding tax.

That of steel plates was decreased by 52 CNY ($8) from the previous week to 3,643 CNY ($578). That of wire rods dropped by 77 CNY ($12) to 3,526 CNY ($560). It was $478 excluding tax which is predicted to fall below $450 soon.

The Chinese major mills seem to have noticed their domestic prices of steel products for July shipment from late last week (on 8th). As every mills are seen to have reduced their prices, there seems no sign of turnaround in the steel market. While, the market price of HR coils was reported to rise in Shanghai and so on in the first half of the week responding to the spot price hike of iron ore but to drop in the second half of the week. In the whole of China, the downward tendency in prices did not stop. If things go on like this, a gradual decline in the market prices is foreseen to continue every weeks even in June.
last modified : Thu 13 Jun, 2013 [14:42]
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