China Steel Association: lower possibility of continued steel price increases

China Steel Association: lower possibility of continued steel price increases.

The inventories of five steel products in 26 domestic steel markets decreased 0.3 percent month-on-month to 14.90 million tons as of the end of August, reports yicai.com, citing data released by the China Iron and Steel Association.
The inventories of reinforcing steel bars and wire rods in August declined 4.0 percent and 8.4 percent month-on-month, respectively, while the inventory of hot-rolled steel sheets rose 4.5 percent month-on-month. The price of screw steel and wire rods increased 5.81 percent and 3.99 percent respectively in August.

The prices of medium plates, hot-rolled steel sheets and galvanized sheets rose 2.50 percent, 0.95 percent and 2.80 percent month-on-month respectively in August.

The China Iron and Steel Association predicts that the prices of steel products are unlikely to rise significantly due to current supply of steel exceeding demand.