According to the data released by MOFCOM, Chinese domestic steel price decreased by 0.3% in the week ended on April 22 from prior week. In detail, the price for medium plate with thickness of 10mm, rebar with diameter of 12mm and hot rolled steel sheet with thickness of 3mm had inched down by 0.4%, 0.5% and 0.4% respectively week over week.
Experts said that the rising steel replenishments from mills and decreasing iron ore prices are the main reasons for the price dips in last week. As for the market prospect, we thought that the domestic steel price will stabilize gradually in the near future because both of the steel market demand and supply have increased significantly.