Steel prices rose about 4% in July after some steelmakers cut production on sluggish steel demand and continuous price drops for four months in a row.

The country’s largest private steelmaker Shgang Group decided to further raise prices of construction steel products by RMB 30 to 50/t (US$4.9 – 8.1) in August.

The price for 20mm HRB400 reinforcing bar on the Nanjing market reached RMB 3520/t ($575.1/t), an increase of 5% on the previous month.

Source: China Metals e-mail chinametal@xinhua.org