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Steel Price Hike Slowing Down in China
After a price hike starting in April, costs for major steel products are returning to normal, sources with the State Material Information Center said Thursday.
Steel prices shot up in April this year, boosted by the price rebound on the international steel market and the industry's efforts to curb production. Of the 50 steel varieties being monitored, prices of products for construction use continued to rise at a double-digit rate in May, and prices for steel sheeting and tubing climbed by an average 3 to 6 percent.
These price hikes are the highest in years, experts noted. Now, the rise in prices has slowed, with most of the steel prices falling from their high level. Prices for wire and screw thread steel, for example, dropped from 2,900-3,000 yuan per ton to 2,600-2,700 per ton.
Experts predict that prices for construction use-steel will remain stable this month, but the costs for steel sheeting might go up.
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