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China's steel market demonstrated resilience with average steel prices edging up slightly during the June 30, to July 6 period, accordig to the Ministry of Commerce(MOC) weekly report. This modest price increase reflects the ongoing dynamics in China's steel sector amid fluctuating global demand.
The weekly data indicates that several major steel products experienced marginal price improvements. Hot-rolled coil(HRC), rebar, and medium steel plate showed the most notable gains, with prices increasing by approximately 0.3-0.8% week-on-week.This uptick comes after several weeks of sideways movement in Chinese steel market.
Several factors contributed to this slight price increase. Manufacturing activity showed signs of stabilization, while infrastructure projects maintained steady demand for construction steel. Additionally, seasonal demand patterns typical of the summer construction season provided support for steel prices.
Raw material costs, particularly iron ore and coking coal prices, remained relatively stable during thois period, allowing steel producers to maintain their pricing strategies without significant input cost pressures.
The marginal price increase signals cautious optimism in China's stell sector. While the gains remain modest, they suggest underlying market stability. Industry analysts expect continued sideways price movement in the near term, with potential for further gradual increases if domestic demand continues to strengthen.
This latest MOC report reinforces China's position as a key indicator for global steel market trends, with these price movements closely watched by international steel traders and manufacturers.
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