Steel Prices May Stop Rising

Data from the Ministry of Commerce showed while the stock level of construction steel across China increased by 9.1 percent on a weekly basis during the week ended February 20, domestic steel prices gained 1.1 percent. With domestic steel output growing steadily, the steel prices are expected to stop advancing and stabilize somewhat in the near future. Coke price was up 2.1 percent and the steel prices up 1.1 percent during the period. Major steelmakers like Baosteel have raised their ex-works prices for March shipment due to soaring raw material costs.