Wednesday, September 17, 2008

Chinese August steel prices slide down

According to China’s National Development & Reform Commission steel prices in the major markets of 30 provinces and cities slid down in August from a month before by 3.31% or climbed up 40.06% from the same period last year to stand at CNY 6056 per tonne.

1. Construction steel trade price averaged CNY 5431 per tonne down by 4.84% MoM or up by 44.29% YoY.

2. Rebar with a diameter of 16mm and 28mm posted at CNY 5363 per tonne and CNY 5446 per tonne respectively down by 4.21% and 4.20 % from July or up by 44.04% and 43.69% YoY

3. Wire rod 6.5mm, Q 235 and high speed 8mm, Q235 were traded at CNY 5409 per tonne and CNY 5508 per tonne down by 5.70% and 5.89% MoM or up by 44.98% YoY and 44.83% YoY.

4. The flat products averaged CNY 6612 per tonne down by 3.07% from the previous month or up by 34.72% YoY.

5. Stainless steel sheet 1.2mm*1000mm*2000mm was transacted at CNY 30104 per tonne on average down by 2.60% MoM or in line with last year's comparable figure.

6. Tube/pipe price stood at CNY 6919 per tonne down by 1.92% MoM or up by 35.1% YoY. Section steels averaged CNY 5513 per tonne down by 3.09% MoM or up by 48.36% YoY.

It's predicted the steel prices will keep a downward course in September amid continued growing output. In the first seven months, the nation's cumulative crude steel, pig iron and steel products increased 9.30%, 7.60% and 11.70% to 308.292 million tonnes, 288.942 million tonnes and 351.797 million tonnes respectively. Slowing growth in fixed asset investment, especially the property industry, which constrains the demand, and stabilizing coke price resulted from higher export tax effective as of August 20th are also behind the forecast of price trend.

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