According to the data released by MOFCOM, Chinese domestic steel price rose up softly in last week, indicating that the domestic steel prices have ended the eight-week long drops and stabilized gradually.
Watching the market dynamics in detail, the price for rebar with diameter of 12 mm and high speed wire rod with diameter of 6.5 mm had increased by 0.2% from previous week. However, the prices for 14# I-beam, 145*2.5 mm hot rolled strip and 1 mm galvanized steel sheet had continued emerged a downward trend with the week-over-week decrease of 0.3%, 0.3% and 0.2% respectively from prior week.
Experts said that the decreasing capacities from mills and increasing exports are the main reason for the price hikes for construction steel products. Under this circumstance, most of them still believe that the domestic steel price will stabilize gradually in the upcoming future.