Based on the supervision of Ministry of Commerce of People’s Republic of China, it was reported that the price of steel dropped by 0.9% during last week (August 24-30). Within the whole decrease, the prices of hot-rolled sheet and highspeed wire rod declined by 1.3% and 1.2% respectively.

In last week, the global financial market had suffered from the Black Monday, which didn’t bring a huge impact on the steel market, due to the monetary adjustment and control policy by China Government. The declining amplitude of steel price showed a continuously narrowing tendency.

In consideration of the sluggish demand of steel from downstream enterprises, the merchants should still quicken their shipment. It was estimated that in this week, the steel market will continue its weak consolidation on price with limited decreasing potential.