MNI BRIEF: China Steel Price Index Down 6.6% Y/Y

China domestic prices of long steel products fell this week, with research firm Lange Steel's price index falling to CNY3,356 on Friday, down 1.2% from last week and 6.6% from the same period last year, the firm said. 

The steel plate index, mainly used in manufacturing industries such as shipbuilding, reached CNY3,565, down 1.1% from last week and 7.9% from the same period last year. Next week, the domestic market may continue to fall due to deepening winter effects and weakening of cost support, Lange said.

China’s steel rebar futures are set to face further downward pressure over the next two-to-three months, with prices potentially sliding below CNY3,000 per tonne as expectations for major stimulus and a sharp demand rebound fade, local analysts told MN. (See MNI: China's Steel Futures Face Near-term)