Chinese steel product prices rose 1.2 percent this week in thin trade, according to figures released by industry consultancy Mysteel on Friday. Mysteel’s composite steel price index reached 138.9 points by Friday, up from 137.3 points at the end of last week.

Prices rose throughout the country, with only the northwest of China registering a decline over the period.

Although the construction sector has entered its off-season, the price
of long steel products also rose 1.1 percent over the week.

Traders said this week that a small decline in end-user demand has been
offset by stockpiling activities, with steel mills and trading firms
anticipating higher demand and stronger profits after the new year.

Source: Reuters

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