Steel prices in Hainan decline by 880 yuan from early April
Domestic steel market was plunged into a swelling tide of price reduction along with the flagging property market. At present, steel prices were posted at CNY 4,000 per tonne on average in Haikou steel market a decline of CNY 880 per tonne compared with that in early April.
Due to the sliding steel prices, many traders rushed to buy steel products with large quantities in Hainan steel market. Now, the prices have fallen back to a lower level like several months ago which is hard to forecast whether it’ll go up or down in the future.
Although, the house market transaction volume is on the wane many new buildings are still in construction with a large quantity of construction steel products. It’s estimated that construction steel prices may remain high in a short time.
To sum up, some market insiders warned that traders should be in consideration of their real demand when purchasing steel products.
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