According to the latest statistics by China National Development and Reform Commission, steel prices keep falling in China this week with an average price of 4,518 yuan per tonne for major steel products down by 1.70% week on week or up by 6.55% year on year. The price decrease rate enlarges by 0.89% from last week.
The frequent country macro adjustment policies and uncertain international economy are the two major drivers behind such price fall in June. Nevertheless, the general steel price will sustain its downward trend in July citing the traditional off season in July, RMB exchange rate adjustment, export rebate cancellation as well as the real estate adjustment policy.
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