BEIJING, Jan. 29 (Xinhua) -- Spot steel prices in China edged up last week, driven by the uptrend in the steel futures.
According to Mysteel, a steel information provider in China, the domestic spot steel price composite index closed at 140.83 points last week, up 0.71 percent week on week.
Specially, prices rose slightly in the construction steel market. The average price of mainstream rebar varieties in the major markets was 3,946 yuan per metric ton (tonne), up 28 yuan week on week.
However, as the Chinese Spring Festival holiday is approaching, the traders in the market are gradually leaving the market, and the market focus has been shifted from trading to settlement.
According to the latest data from Mysteel, social inventory of steel increased slightly, while steel stocks at the steel mills decreased, indicating that some steel traders are stepping up pre-holiday procurement.
In the market of steel sheet materials, prices were generally on the rise. The average price of hot-rolled products in major markets was 3,781 yuan per tonne, up 48 yuan week on week, and the average price of the mainstream medium thick plate was 3,895 yuan per tonne, up 34 yuan week on week.
According to the latest report of the Xiben New Line, the domestic price of iron concentrate continued to be stable in January 2019, while the price of imported iron ores generally hovered around 74 U.S. dollars per tonne.
Analysts believe that the steel market will be temporarily stagnant as there is only one trading week left before the holiday, and the demand is expected to be restored to normal level after the festival. (Edited by Li Wenxin, liwenxin@xinhua.org)
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