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Mauling continues in Chinese steel market

Steel News - Published on Tue, 24 Jul 2012

Week 30 commenced with a hard landing as the steel prices fell by over 1%. Nerve jerker by any yardstick market remains doused in the chaos with no clue about the bottom.

Even though some decelerating in steel production has been reported in the past 10 days with daily crude steel production falling to 1.97 million tonnes from 2.02 million tonnes in end June lot of tightening is required to give some sense of stability.

Steel inventory already at 15 million tonne Chinese mills have become aggressive in export particularly in the SE Asian region giving nightmares to the Japanese and Korean mills. China boosted first half steel exports to 27.26 million tonnes, the highest for a six month period since 2008 sending affirmative signals of an inevitable price war looming in this region.

Desperation for an economic stimulus by loosening credit and unfolding of government projects to boost demand is ticking for an elusive turnaround.

Class20-Jul23-JulChange%
CLPPI68166726-90-1.3%
CFPPI62206144-76-1.2%
CHISPI64786396-82-1.3%

CLPPI - Chinese Long Product Price Index
CFPPI - Chinese Flat Product Price Index
CHISPI - Chinese Steel Price Index

To know exact prevailing steel prices in China on daily basis, subscribe to services of SteelHome by sending a mail to admin@steelprices-china.com

Source - Steel Prices China

(www.steelguru.com)
Posted By : admin on Tue, 24 Jul 2012
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