ˇöˇˇChina steel prices weaken after week long post holiday rises
China steel prices weaken after week long post holiday rises
China Securities Journal reported that Chinese steel prices have posted overall downswings yesterday following the week-long rises after the Spring Festival. And analysts warn the consecutive 7 years hot Spring market is unlikely to persist.
Yesterday, price for wire rod goes at CNY 3,959 per tonne down by CNY 18 per tonne; CR, CNY 4,740 per tonne down by CNY 17 per tonne; rebar, CNY 4,104 per tonne, falls CNY 12 per tonne; HRC, CNY 3,939 per tonne, drops CNY 46 per tonne; medium plate, CNY 3,995 per tonne dips by CNY 10 per tonne.
By a bigger range prices fell in big cities like Beijing, Tianjin and Shanghai. In detail, CR fell CNY 50 per tonne to CNY 100 per tonne in Beijing and Tianjin; while rebar lost CNY 70 per tonne and medium plate dipped CNY 10 per tonne. CR dropped CNY 70 per tonne in Shanghai.
Analysts said HRC future price in Shanghai also fell by 3.3% or CNY 125 per tonne recently. The correction comes as no surprise after strong rises in the first week after holiday and reflects the whole market is in anticipation, since the future price trend is still determined by demand situation.
An official from China Iron & Steel Association said the general price fall stems from the 12 straight weeks rises widely demanded by steel mills, since half of the total still suffering losses at the current prices.
(Sourced from China Securities Journal)
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