Higher Weekly China Hot Rolled Sheet Price, CISA

Chinese hot rolled steel sheet market price increased by 30 yuan to 4,830 yuan per tonne for product with 3 millimeters thick in Beijing in first week of June from the previous week, announced by China Iron & Steel Association on Tuesday. The price increased for the first time in 5 weeks. However, Chinese steel price would fluctuate in small range due to oversupply.

The hot rolled sheet market price increased in first week of June due to seasonal demand for construction despite the liquidation by the dealers with limited working capital under inflation fight effort by the government. The market price would bottom out when automobile output is steadily increasing after parts supply disruption from the major earthquake damaged Japan.

Chinese hot rolled sheet market price increased by 30 yuan to 4,980 yuan per tonne in Shanghai in first week of June from the previous week, which increased for 2 weeks in a row. The price increased by 60 yuan to 5,030 yuan in Nanjing.

The cold rolled sheet market price was still weak in first week of June. The price decreased by 50 yuan to 5,700 yuan per tonne for product with 1 millimeter thick in Beijing from the previous month, which decreased for the first time in 2 weeks. The price also decreased by 50 yuan to 5,450 yuan in Shanghai, which decreased for 2 weeks in a row.