According to report of the Ministry of Commerce of the People's Republic of China (MOFCOM), China’s steel prices increased by 1% last week in comparison of that in the first half of July. Also, the county’s steel prices have surged for consecutive three weeks.

It’s analyzed that the rising prices of raw materials and down inventory in market were the two major reasons to push up the steel prices continuously.

Among them, the price hike for high speed wire with diameter of 6.5mm and rebar with diameter of 12mm were 0.9% and 0.5% respectively.

Meanwhile, China’s daily crude steel output in the middle of July was 1.623 million tons, down by 4.1% in comparison of that in the second half of June, according to statistics of the China Iron and Steel Association (CISA).

For the prospect, it’s predicted that China’s steel prices would increase slightly in the short term.