China’s spot steel market dips

Reportedly, China’s spot steel market has dipped in the current one week.

Although Wuhan Iron and Steel Corp. (Wisco) and Baosteel, the two Chinese leading steelmakers announced to hike the steel prices further, the stock market hasn’t been pushed up by the rising steel prices.

Industry sources indicated that the steel prices in China’s domestic market have increased sharply after Chinese New Year vacation; on the contrary, the demand has still remained weak.

Furthermore, as the market situation is not that clear and the inventory is still sufficient, buyers would wait and observe the market rather than placing order at this moment.

Hence, analyst indicated that the demand would be the main factor for the prospect trend of steel market.

News Date 2/21/2011 9:49:10 AM reported by Echo Huo