According to the data released by MOFCOM, Chinese domestic steel price decreased by 0.1% in last week, indicating that the domestic steel prices have slid down for seven consecutive weeks.
Watching the market dynamics in detail, the price for non-oriented silicon steel sheet with thickness of 0.5 mm, U-steel with specification of 8# and equal angle steel with specification of 5# had inched down by 0.4%, 0.3% and 0.3% respectively in last week from previous week.
Experts said that the rising steel capacities from steelmakers and decreasing steel demands from manufacturing sectors are the main reasons for the prices dips in last week.