According to the data released by MOFCOM, Chinese domestic steel price inched down slightly in last week, indicating that the domestic steel price is still weak on aggregate.
Looking the market dynamics in detail, the price for 500*200 mm H-beam, hot-rolled steel sheet with thickness of 3 mm and rebar with diameter of 12 mm had decreased by 0.3%, 0.3% and 0.2% respectively from previous week.
Accordingly, China's average daily crude steel output in early June is estimated to hit 1.9994 million metric tons, up 2% from late May. As for the market prospect, experts said that the rising iron ore price will give an impetus to the domestic steel prices. Thus, we deem that the domestic steel price will stabilize gradually in the near future.