According to the data released by MOFCOM, Chinese domestic steel price increased by 0.2% in the week ended on April 8 from prior week. In detail, the price for medium plate with thickness of 10mm, seamless steel pipe with specification of 219*7 and galvanized steel sheet with thickness of 1 mm had inched up by 1.1%, 0.3% and 0.1% respectively week over week.
Insiders said that the swelling procurement orders from final customers are the utmost reason for the price hikes in last week. As for the market prospect, we thought that the domestic steel price will continue its bullish tone in the near future considering of the robust construction activities across China.