MOC: Average steel prices in China edge up slightly last week

MOC: Average steel prices in China edge up slightly last week

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China’s Ministry of Commerce (MOC) has announced that during last week (May 25-31) the overall average finished steel price in China edged up slightly on week-on-week basis.

In the given week, the average prices of hot rolled steel strip, steel channel, rebar and high-speed wire rod edged up by 0.3 percent, 0.3 percent, 0.1 percent and 0.1 percent, respectively, week on week.

On June 1, Jiangsu Province-based Shagang Group, China’s largest private steelmaker raised its offer prices for rebar, high-speed wire rod and bar-in-coil by RMB 50/mt ($7.0/mt) for June 1-10, signaling its bullish view of the future prospects for the market.

$1 = RMB 7.1074

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