MEPS Chinese dealer prices increased marginally across flat and long
products, in February, despite slow activity, in the region, due to the
Lunar New Year celebrations.
In February, MEPS reported that domestic transaction prices for hot
dipped galvanised coil escalated by RMB50 per tonne. Selling figures for
plate and cold rolled coil advanced by RMB30 per tonne. Hot rolled coil
values rose by RMB20 per tonne.
In long products, medium sections prices increased, last month, by
RMB20 per tonne as wire rod and reinforcing bar values were steady,
month-on-month. However, merchant bar figures contracted by RMB10 per
tonne.
Chinese domestic steel selling figures are likely to advance further,
in the short term, as steel consumption, especially in the construction
sector, is expected to ramp up.
However, MEPS believes that the price recovery will be temporary,
with activity, in most steel consuming sectors, projected to slow down
in the third trimester.
Source: World Steel News
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