According to the data released by MOFCOM on December 14, Chinese domestic steel price decreased by 0.1% last week as compared to prior week. Looking at the price trend in last week in detail, the price for galvanized steel sheet with thickness of 1 mm and cold rolled sheet with thickness of 1 mm had declined by 1.7% and 0.7% respectively as compared to prior week.
It is reported that the dropping ingredient prices and rising outputs are the main reasons for current price drops. For instance, during the given period the prices for iron ore concentrates in Hebei and metallurgical coke in Shanxi had slipped by 0.8% and 0.6% respectively compared to previous week. Besides, Chinese registered steelmakers had contributed a daily crude steel output of 1.5026 million metric tons in late November, up 1.3% vs middle November.