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Steel traders in China are claimed to be more optimistic that steelmakers, but prices are destined to shrink further in early 2015, according to a report by China Metals.
The China Steel Price Index (CSPI), compiled by the China Iron and Steel Association (CISA) fell to 75.06 by end February, down 2.68% when compared with end January 2015. The index was 21.92% lower than a year earlier.
The price index of long steel dipped 2.72% month-on-month in February and steel sheet declined by 1.55%.
In fact, the price of eight major steel products continued to fall during February, but they were smaller declines than those reported in January.
According to the CISA, hot-rolled coil, galvanised sheet, cold-rolled sheet and medium plate fell by 107 yuan/tonne (US$17), 98 yuan/tonne (US$16), 91 yuan/tonne US$15) and 73 yuan/tonne (US$12) respectively.
During the first two weeks of March the CSPI slid marginally to 74.91 by 6 March and by 74.14 by 13 March.
Source: China Metals