Beijing Business Daily the steel prices eyed a steep fall by the highest record of CNY 500 per tonne to CNY 600 per tonne which ended the price hikes for 17 weeks in a row last week.

The market insiders believed that this price adjustment would help to
ease the upward trend before. And the traders were sacred to ship out
their products triggered by the slumping prices.

In specific, the construction steel prices sharply fell back by more
than CNY 400 per tonne in four cities; medium plate and CRC/HRC eyed a
decline of CNY 100 per tonne to CNY 200 per tonne and CNY 300per tonne
respectively and that of section steel dropped by CNY 30 per tonne on
average.

The crazy July has just gone, with the soaring steel prices. And the
market presented a weak posture at the beginning of August. According
to Mysteel survey, there were almost 60 rebar and wire rod enterprises
having lowered their ex works prices breaking the upswing pattern one
month before.

The insiders noted the steel prices posted a big dive last week, with
the continuous price decline in spot market, while, some parts of steel
mills continued to pull up the ex factory prices. The tumbling market
made the traders rush to ship out the products in a bid to push the
market to decline.

Source: Beijing Business Daily

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