BEIJING, Oct. 30 (Xinhua) -- Steel prices in China has seen a slight rise due to the obvious fall in stocks.
According to Mysteel, a steel information provider in China, the domestic spot steel price composite index closed at 163.35 points in recent week, up 0.62 percent week on week.
Specifically, the domestic steel futures market has performed strongly recently, with the rising prices of the rebar futures in running days, driving the price rise of the construction steel on the spot market.
The average price of mainstream rebar varieties in the major markets was 4,718 yuan per metric ton (tonne), up 78 yuan week on week. From the perspective of the market transactions, the transactions in the early week increased, but shrunk after the prices were at a high level, indicating the cautious attitude.
Due to poor demands, prices of the plates have performed weakly. Average price of hot-rolled products in mainstream markets in the country was 4,238 yuan/tonne, down 3 yuan week on week.
According to the analysis of relevant institutions, from the perspective of the current market conditions, the domestic steel prices will maintain an uptrend for a while, thanks to the limited supplies, low stocks and rising prices of raw materials. (Edited by Hu Pingchao, Wu Shuang)
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