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| Industry News |
| Drastic Changes of Steel Prices in August, What is the “last straw” for Steel Market? |
| 2009-09-09 10:42:31 |
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| In August, the steel prices experienced drastic changes. Within 20 days, the domestic steel prices hit a record high of this year, and then quickly plummeted. According to the data collected by the China Securities Journal, as of August 19, prices of mainstream domestic steel varieties have dropped RMB550-950/t, and prices for deformed steel bars, wire rods and hot-rolled coils have all declined more than 15%, and prices for cold-rolled coils and medium plates have dropped within 10%.
The analysts believe that the sharp rise of steel prices from late July to early August resulted in the sharp decline afterwards, and large steel mills that drove steel prices dramatically are responsible for the big price fluctuation. At present, steel prices of large steel mills are RMB500-600/t lower than the spot price. In addition, some important reasons for the dramatic changes include increased inventories of traders, strengthened production of steel mills, and minor adjustment of bank’s credit policy lately. |
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