According to the data revealed by National Bureau of Statistics of China, prices for steel and petroleum products presented an overall large decline from late May to early June.
In fact, the automobile output and house construction rate eyed a notable decline impacted by national macro control policy and a slowdown in economic growth, leading a price reduction in downstream steel industry.
Data shows, domestic large and middle carbon steel slide by 3.6% to 13.1% from May 21st to June 10th and that of small sized wire rod down by 4.4% MoM to 7.3%MoM. Prices for rebar arrived at CNY 3,532.4 per tonne to CNY 3,760.8 per tonne on average decrease by 3.6%MoM to 7.3%MoM, of this, iron ore prices (Fe 56%) stood at CNY 580.4 per tonne down by 6.5% during the same period.
In the sector of non-ferrous metal, prices of copper and aluminum ingot came at CNY 42,692.3 per tonne and CNY 11,421.5 per tonne declining by 6.5% and 6.2% respectively from one month before. Meanwhile, the ex-mills price for cement arrived at CNY 248.9 per tonne to CNY 378 per tonne down by 1.8%MoM to2.1%MoM and that of anthracite coal at CNY 452.7 per tonne up by 1.1% in the same comparison.