Beijing Business Today reported that as per the survey from Mysteel, the domestic steel prices showed signs of rising for three weeks in a row with an alleviated growth in recent days.
In detail, construction steel products continue rebounding with the largest growth averaged at more than CNY 50 per tonne in Guiyang, Lanzhou and Fujian markets, medium plate prices edged up by CNY 60 per tonne highest in Beijing and Tianjin areas with the lowest market price prevailing at CNY 3,400 per tonne in Shijiazhuang city, Hebei province, CRC & HRC markets eyed a declining trend first, and that of section market is lingering at a low level with the fluctuation range of CNY 20 per tonne.
An analyst with Mysteel viewed that recent steel prices have approached to the cost lines of steel mills, with nearly 14.29% domestic steel enterprises in the red up by 4.29%YoY. As estimated, the steel market may still carry out fluctuations in future with possibilities to fall back.
According to China Logistics Information Center, national composite steel index in Sep was down by 8.6% on average MoM and the index in the first three quarters eyed a decline of 30%YoY around.
CISA disclosed that the surveyed 70 large and medium sized steel makers gained profits of CNY 28.253 billion in Q3. However, China steel industry will face more difficulties in the coming Q4 on account of high inventory and high output and also high attention to the oversupplies, annual production overhauls and possible rising ore prices may affect the future steel market.
(Sourced from Beijing Business Today)
