Monday Market Monitor - China (WEEK 7) - Euphoria vanishing in steel.
Chinese domestic steel price decline commenced once again last week after rallying for 6 weeks in absence of any significant demand.
Post government stimulus package much hype was created about price rebounding and resuming of production by many mills, but the absence of illusive demand has lead to decline in prices.
During this period sizeable imports took place owing to lower international levels that those prevailing in Chinese domestic market.
On the other hand, mills struggling to get on stream led to a glut thereby exerting downward pressure on the prices across the products.
Monday Market Monitor - China (WEEK 7) - Euphoria vanishing in...
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