China steel prices in 30 major provinces have fallen for seven consecutive weeks, while bigger falls are expected to be limited supported by raw materials cost, official media quoted China’s state planning agency as saying.
Average prices for main steel products fell to 4,746 yuan ($694.9) per tonne this week, down 1.45 percent from last week, but this was still 13.5 percent higher than a year earlier, data from the National Development & Research Commission showed.
The China Securities Journal said the regulator expected steel prices to have started bottoming out helped by raw materials cost and further falls would be limited.
Spot iron ore prices have almost stablised at $152-154 per tonne cost-and-freight this week, up by 1.3 percent from last week
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