According to data released by the China Iron and Steel Association (CISA) on April 24, as of the end of March (March 31), the composite steel price index (CSPI) for the Chinese domestic market was at 94.83 points, down 1.63 points or 1.69 percent month on month and down 12.22 points or 11.42 percent year on year. In March, the index declined for the seventh consecutive month on month-on-month basis, falling to the lowest level since February 2006.
At the end of March, the CSPI long steel index was at 96.75 points, down 188 points or 1.91 percent month on month and down 12.3 points or 11.28 percent year on year, while the CSPI flat steel index stood at 95.26 points, down 0.74 points or 0.77 percent month on month and down 11.92 points or 11.12 percent year on year.
During March, the eight main steel products monitored by the CISA moved on a downtrend, with prices of wire rod and rebar indicating large declines of RMB 58/mt and 78/mt respectively during the course of the month, while prices of angles, medium plates, hot rolled coil (HRC), cold rolled sheet (CRS), hot dip galvanized (HDG) and seamless pipe were down RMB 8/mt, RMB 11/mt, RMB 24/mt, RMB 31/mt, RMB 5/mt and RMB 49/mt respectively.
Meanwhile, the CSPI has seen a slight rebound during the first three weeks of April. However, the oversupply situation in the finished steel market in China will limit further upward movement of prices in the coming period.