China steel prices up 7.8%

Print this page Posted on : 06-08-2007 by recycleinme.com

The price of major steel products in China rose 7.8 per cent in May from the same period last year as demand and production costs both climbed, according to the country’s top economic planning agency. The steel price averaged 4,255 yuan ($557) per tonne at major markets in 30 provinces, municipalities, and autonomous regions, 3.34 per cent up on April, said Mr. Wang Shuangzheng, an official at the Price Monitoring Centre of the National Development and Reform Commission (NDRC). Stainless steel sheets were traded at 32,927 yuan ($4,310) per tonne on average, up 37.43 per cent from last Mat. China imposed five to 10 percent export tariffs on more than 80 steel products including common carbon steel wire, sheets and plate on June 1.

Source : Business Line