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Chinese Steel prices continue to advance in February

Chinese dealer prices increased marginally across flat and long products during February despite slow activity in the region mainly due to the Lunar New Year celebrations, said MEPS International.

In February, MEPS reported that domestic transaction prices for hot dipped galvanised coil escalated by RMB50 per ton. Selling figures for plate and cold rolled coil advanced by RMB30 per ton. Hot rolled coil values rose by RMB20 per ton.

In long products, medium sections prices increased, last month, by RMB20 per ton as wire rod and reinforcing bar values were steady, month-on-month. However, merchant bar figures contracted by RMB10 per ton.

Chinese domestic steel selling figures are likely to advance further, in the short term, as steel consumption, especially in the construction sector, is expected to ramp up.

However, MEPS believes that the price recovery will be temporary, with activity, in most steel consuming sectors, projected to slow down in the third trimester.