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 11-17) 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, rebar, high-speed wire rod and steel channel increased by 0.5 percent, 0.3 percent, 0.3 percent and 0.1 percent, respectively, week on week.

On May 19, major Chinese steelmaker Anhui Province-based Ma’anshan Iron and Steel raised all its offer prices for rebar, high-speed wire rod and bar-in-coil by RMB 20/mt ($2.8/mt), signaling its bullish view of the future prospects for the market.

$1=RMB 7.0912

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