According to the data released by MOFCOM on July 27, China's domestic steel price inched up 0.4% for the week ended on July 24 compared to prior week. This was also the second consecutive weekly increase. For instance, the price for high speed wire rod with diameter of 6.5 mm and rebar with diameter of 12 mm had risen by 0.9% and 0.5% respectively week over week.
In terms of raw materials, for last week China's domestic iron ore price had raised by 1.5% week over week and by 5.3% as compared to early July, which was the third direct week rise. Besides, according to the data released by CISA (China Iron and Steel Association), China's registered steelmakers had contributed a daily crude steel output of 1.627 million t in early July, down 3.8% compared to late June. Obviously, the dropping steel production had bolstered steel prices.
However, suffering from the redundant rainfalls and scorching heat, lost of programs had been affected significantly. Thereby the current price hike is anticipated to slow down in the upcoming future.