Metalnewsnet 18 May ：

It is reported that several Chinese steelmakers decreased their steel prices by around CNY 50 per tonne recently. Insiders believe that indicates the curtain up of market adjustment and a consecutive price drop will happy in the near future.

As per report, Qinggang slashed its rebar price by CNY 100 per tonne, both Shaogang and Guanggang cut its prices of high speed wire rod, round bar and rebar by CNY 220 per tonne.

As early as May 10th, Baosteel announced to keep its June prices unchanged. However, as one of the largest Chinese construction producers, Shagang unveiled to slash its rebar price by CNY 300 per tonne for the second ten days of May.

Chinese domestic market price is now fluctuating as 5.5mm HR sheet averaged at CNY 4529 per tonne in key cities now down by CNY 83 per tonne recently. Analyst figured the prices will fall further in a short term, citing the overcapacity.

( from Mysteel)