Steel Price in China Continues to Drop and the Drop Ratio Inclines to Increase
Resource from: CBCC Likes:2922
Aug 20,2009
Last week, the steel price dropped greatly with the maximum drop ratio of CNY 500 to CNY 600 each ton in a week, and it therefore ended the continuous increase of the steel price which lasted for 17 weeks. The steel price continued to drop greatly yesterday and the price of many types have dropped CNY 150 each ton, which is the 9th transaction date of the continuous drop after the former great increase.
According to the market monitoring report from Steel Information Research Center, the average price of Ф25mm threaded steel in the main cities in China was CNY 4,144 yesterday, which is CNY 55 less than that of the day before yesterday. The market price of steel in the main cities has dropped CNY 50 to CNY 150; the average price of Ф6.5mm wire steel in the main cities was CNY 4,097, which was CNY 47 less that that of the day before yesterday, the price dropped CNY 50 to 150 in the main cities. The market price of the construction steel in China was still in dropping yesterday and the drop ratio increased. The market in Shanghai was also in dropping with the drop ratio of CNY 20 to 50.
Influenced by the new progress in the negotiation on iron stone and the continuous drop of the steel price, some the small steel plants has lowered the factory price of the construction steel. Based on the price adjustment on Aug.11th, Jiangsu Yonggang Group Co., Ltd adjusted the price of wire steel, threaded steel and the capstan screw yesterday and all dropped CNY 500 each ton; based on the price adjustment on Aug.17th, Shanxi Jingang Group has adjusted the list factory price of 12mm~14mm threaded steel, which dropped CNY 50 each ton; wire steel, the capstan screw steel and other types dropped CNY 100 each ton; Based on the price adjustment on Aug. 12th, Chenggang Group adjusted the price again. The exercise price of wire steel dropped CNY 150 each ton and the exercise price of treaded steel dropped CNY 100 each ton.
A reported published by China Iron & Steel Association suggested, the demand in steel market will keep increasing. However, the steel market will also face many uncertain factors, such as the unclear future of international economy, the great pressure of the falling export demand and the problem of over capacity in China, etc., and the steel market will still face the situation of fluctuation and adjustment.
The adjustment this time can be considered swift and fierce. The crazy increase of steel price in July just passed, and in the beginning of Aug. the market started to display the exhausted situation, and finally in the second week of Aug. there was a complete adjustment that has been expected for a long time, but it was unexpectedly fierce.
The analysis shows that in the week before last week, the steel price was in the situation that the market, steel plants and the futures boost each other. While it evolved into the great drop of futures and the continuous drop of the market price of actuals, and some of steel plants increased the price. In the environment of the market fluctuation, the mood of the traders has changed. At present, the traders have strong sense to clear, thereby, it push the drop of market price.
(CBCC)
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
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