Construction steel prices in the Chinese market have returned to their previous weak trend again, followed by declines in iron ore prices, China's state news agency Xinhua has reported.
After major domestic steel producer Baosteel Group announced a reduction in its steel product prices for May delivery, many other domestic steelmakers such as Anshan Steel, Shougang Steel and Benxi Steel followed suit and reduced their flat steel offers by RMB 200-480/mt ($31-73/mt). These reductions have finally pulled the mills' list prices down below traders' offer levels.
On the iron ore side, Indian offers for 63.5 percent grade fine ore are now standing at $186/mt FOB, down $3/mt from a week ago.