November 21, 2008

NDRC price index for February 2008 up by 25.6% YoY

According to Saturday's China Securities Journal, average price of steel products in China surged by 25.63% YoY in February 2008 to CNY 5,095 (USD 717) per tonne.

Figures from the National Development and Reform Commission, which are based on market surveys in 30 provinces, autonomous regions and municipalities, also showed that the average steel product price rose by 2.6% MoM from January 2008.

Mr Zhang Ping an analyst with umetal.com said "The production of some iron and steel manufacturers decreased due to the weather related disruptions that affected central and southern China and pushed steel product prices up. Raw material costs, including those for iron ore and coal, also boosted steel prices.”