BEIJING, June 22 /PRNewswire-Asia/ -- Frbiz.com, one of China's leading B2B search platforms, analyzes trends in China's domestic steel prices.
After steel prices have fallen for nearly two months, it is expected that they will start to rise again shortly. According to China's Steel Association's latest market analysis, steel prices, despite expected rebounds in the near future, are expected to hit bottom again soon.
Since the beginning of June, steel prices have continued to show a slight decline, but that decline is slowing down. As China's economy maintains steady and rapid development, momentum in the steel market has not been hugely affected by economic crisis, with steel demand continuing to grow as infrastructure development continues. Iron ore and other raw material prices are still high, and it is expected that the steel market will continue to fluctuate as demand continues to grow.
As the global economic recovery continues, steel demand will continue to maintain steady growth. In addition, steel exports have increased, and the domestic market between supply and demand has eased. The domestic market continues to decline in steel prices, while the international market's steel prices are at their highest recent levels. In May, China exported 4.94 million tons of steel, a relative increase of 0.6 million tons, up 14.6%.
Including iron ore, raw material prices are at high levels, which also provides support for steel prices to keep steady. According to statistics, in May, import prices of iron ore have shown a relative increase of 15.5%. Imported mineral prices continue to rise, while domestic concentrated iron powder, metallurgical coke, and scrap steel prices, although showing a relative minor decline, are still at a high level, thus playing a significant supporting role for steel prices.
Since mid April, China's steel price have generally fallen, and have been in a relatively volatile state. According to development trends, the cost of steel production should continue to rise further, which may seriously impact the economy of some steel companies, with major losses predicted.
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