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Is G20 push Chinese steel prices up? 
TIME:2016/8/22  

According to the data of the China Statistics Department, during the first ten days of August, prices of 6 major steel products increased. Prices of crew threaded steel bar and carbon steel wire stopped declining and began to increase, and prices of common steel plate, hot rolled coil, seamless steel pipe continued uptrend.

 

During the given period, deformed steel bar price gained 2.8% by RMB68.1/mt to RMB2,459/mt; seamless steel pipe price showed the biggest growth, soared by RMB107.6/m (+3.6%). And price of steel wire Φ6.5mm, HPB300 gained RMB67.9/mt from last ten days, to the price RMB2,519/mt. Common steel plate 20mm,Q235 was quoted at RMB2659/mt, gained RMB74.1/mt. The price of seamless steel pipe 219 6, 20# was RMB3,067/mt, grew RMB107.6/mt. The price of steel angle 5# was RMB2,652/mt, rose RMB62.4/mt.

 

Market insiders analyzed that recent steel price growth is benefited from the tough environment supervision, low inventory level, and mainstream steel factories’ price lifting move.

 

G20 Summit Meeting is round the corner, the production restriction to TangShan, the biggest steel producing province in China, will get tougher, which may have effects on market supply of steel rebar, hot rolled coil, cold rolled steel sheet, steel pipes etc.

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