According to the data released by MOFCOM on March 7, Chinese domestic steel price increased by 0.8% last week as compared to prior week. In detail, the price for 14# I-beam, and 500*200mm H-beam and 3mm hot rolled sheet had inched up by 3.2%, 1.6% and 1.1% respectively week over week.
Experts said that the recuperating procurement orders from downstream customers are the main reason for the price hikes in last week. It is reported that few mills have already lifted their EXW prices for April deliveries, thus the domestic price will continue rising up gradually in the upcoming future.