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Ministry of Commerce: Domestic steel price will continue to fall in short term
| "It is expected that domestic steel prices will continue to fall in near term due to weak demand for downstream steel products, downturn in market sales and higher steel inventory levels which restrain the market."|
On 18th, the responsible person in Ministry of Commerce expressed, "It is expected that domestic steel prices will continue to fall in near term due to weak demand for downstream steel products, downturn in market sales and higher steel inventory levels which restrain the market."
According to the latest commercial forecast issued by Department of Market Operation Regulation in Ministry of Commerce, the steel price in last week (Nov 10th - Nov 16th) went down by 2.7% which above 0.9% compared with previous week's. Wire, sheet metal and other types of steel all dropped. Data in commercial forecast shows that in October the average price of domestic steel was 4739 yuan per tons, representing a 16.4% drop compared with September's, the current price level has fallen below the level of same period last year.
Chen Kexin, steel research expert of DPPC, said that at present domestic steel market has entered a stage of grounding bottom and it was difficult to make it in a short term. It is expected that domestic steel price would be vulnerable to run in 2009, and the price perhaps would have an uptrend and step into the higher rank in 2010 or at the end of 2009.
Source: Xinhua News Agency
Translated by Sandy
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