Domestic prices in steel markets continue to slump in most of steel products have fell in price after the festival of lanterns. By the end of previous week, quantify millimeter rebars in 10 major cities were priced at 3852 Chinese yuan per ton which marks a decrease of 118 Chinese yuan per ton as compared to previous week. 5.5 mm hot rolled coil was quoted at 3761 Chinese yuan per ton on the average with marks a decline of 201 Chinese yuan per ton WoW.
> But millimeters hotrolled sheet was priced 4625 Chinese yuan per ton with marks a decline of 126 Chinese yuan per ton as compared to previous week. Due to little number of transactions as the aftermath of softening demand, domestic 2nd or 3rd tier manufacturers have reduced their ex-work pricing in the case of construction quality steel products and flats.
> Large sized manufacturers like Anshan Steel and Benxi Steel are on their way to raise March tariff. It is likely that increase in growth shall be lesser than that of Wuhan Steel previous week. Medium and small scale manufacturers in Hebei, the biggest privately owned steel manufacturing facility, began to slash ex works prices since 11 February 2009.
>Hebei Puyang Steel lowered ex-works asking prices of its wire rods by 100 Chinese yuan per ton effective 9 February 2009. Hebei Qianjin Steel Group reduced prices of its strips by 80 Chinese yuan per ton effective 11th of February.