In April 2024, China’s steel prices fluctuated and eventually rebounded thanks to the confluence of several factors. These included government policies, and increase in downstream demand, which led to depletion of social inventory (inventory outside of mills). Overall in April, the national average steel price was at RMB 3,988/tonne ($522/t), down RMB 71/t ($10/t) m-o-m or 1.8%, but the decline narrowed by 2.7 percentage points m-o-m. In end-April, indexed prices rose to RMB 4,037/t ($559/t), up RMB 103/t ($14/t) from the level in end-March, a m-o-m increase of 2.6%, and a y-o-y decrease of 3.6%. Long products averaged RMB 3,875/t ($536/t), increasing by RMB 197/t ($27/t) compared to end-March, up 5.4% m-o-m, and down 1.5% y-o-y. Flats prices stood at RMB 4,125/t ($571/t), up RMB 38/t ($5/t) from end-March, and a slight 0.9% m-o-m, and down y-o-y by 4.7%. As of end-April, except for cold-rolled coils and seamless pipes, prices of all other products increased.
