Steel Price May Keep Stable

CISA said domestic steel prices are rising slightly driven by stronger raw materials costs and lower levels of inventory. With holidays and a winter slack season approaching, however, the prices may fluctuate within a narrow range in the near future.

Demand for the long steel product is stronger than that for the flat product. In November, the prices of high-speed wire rod, rebar and angle steel rose by 5.27 percent, 5.83 percent and 2.09 percent respectively from the previous month, while the price increases of medium plate, hot rolled coil, cold rolled sheet, galvanized steel and hot rolled seamless pipe were just 0.76 percent, 1.31 percent, 0.48 percent, 0.6 percent and 0.89 percent.

As of the end of November, inventories of five principal steel products across China totaled 13.06 million tons, down 10.52 percent from October, the sixth consecutive month of month-on-month declines.