Steel prices in China continued a downtrend last week due to sluggish transactions, according to the latest report by Mysteel, a steel information provider in China.
The domestic spot steel price composite index closed at 76.63 points by October 16, down 0.56 percent week on week, said Mysteel. At present, rebar futures traded on the Shanghai Futures Exchange (SHFE) performed weakly. Due to lackluster demand, transactions in the spot steel market remained soft.
The good news is that the record high exports of China's steels in September helped ease the sales pressure on the domestic market. But it will be not optimistic for traders in the upcoming off season, said Mysteel.
Meanwhile, on the homegrown ore market, prices of iron ore concentrates in north China's Hebei Province fell slightly from a week before. By October 15, Platts 62-percent iron ore price index closed at 54.3 US dollars/metric ton (tonne), down 2.85 U.S. dollar week on week.
In September, China's imports of iron ore hit a high within the year, showing the increasing supplies in the international market. At present, iron ore stocks at domestic seaports surged, according to the Xiben New Line.
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