Thanks to a series of macro-control measures, Chinese domestic steel price rallied during last week.
The price of construction steel products increased slightly. Meanwhile, the price of HR and CR rebounded dramatically. According to the statistics by Beijing Lange Steel Information Research Center, till November 21, the price of 25mm rebar and 6.5mm high speed rod were both up in ten major cities like Shanghai, Hangzhou, Beijing and Tianjin.
Otherwise, the price of 1.0mm cold-rolled steel was up by RMB100/ton (US$15/ton), but many traders of medium plate still sit tight and watch the further change.
It is said that the latest tax rebate issued by the Ministry of Finance (MOF) would help producers cope with smaller profit margins as a result of slacking market demand. Source: Yieh.com