China Iron and Steel Association revealed in its half month said that after a weak start in August, the global steel markets would witness price rise and fall later this month.

It was reported that international steel markets run weakly in the first ten days period of August, as general CRUspi dropped from 200.3 by 3.8%MoM amongst which Asia slumped to 220.1 down by 1.2%, Europe to 186.6 down by 3.8% and North America to 179.5 down by 9%.

According to CISA however, Asian steel market is booming and will follow the uptrend in the near future. China prevailing HRC offers to South Korea were at above USD 700 CFR per tonne up USD 10 to USD 20 and the rebar export prices to South Korea and Japan were raised USD 15 to USD 20 and JPY 1000 per tonne to JPY 2000 per tonne respectively comparing to July.

CISA anticipated that although European steel market was mired in recession in August yet it is likely to rally, since the prices of some steel products were bottoming out and the top three steel traders in Russia appealed to customs union of Russia, Belorussia and Republic of Kazakhstan to take actions in importing China steel products.

(Sourced from Sina Financial News)