It is reported that news about iron ore negotiation continues to promote Chinese steel prices rising. Beijing saw impressive construction price hiking such as WRC and rebar by more than CNY 600 per tonne in just half a month, much higher than average price rise of CNY 400 per tonne in China major cities.
According to statistics from My Steel, major varieties prices continue to rise though the gains are slightly less than one week before. Except for some areas, WRC and rebar price increased by CNY 100 per tonne to CNY 150 per tonne in general. And HR price rose by CNY 100 per tonne while plate price rose by CNY 60 per tonne to CNY 80 per tonne generally.
As to the reason of the price rising, iron ore negotiation is still the most powerful driving force. Besides, BaoSteel announced HR prices increase by CNY 300 per tonne generally in addition to some low carbon HR varieties prices raised by CNY 200 per tonne last week. This pricing policy also gives the market great confidence.
Among the price hiking Beijing has a impressive performance. From March 9th to March 25th, Beijing saw 25mm rebar price hiked by CNY 600 per tonne while the national average was CNY 436 per tonne. Similarly the 6.5mm WRC price rose by CNY 610 per tonne while the national average was CNY 433 per tonne.