Steel Prices Rose after Falling Last Week

Published: Mar 07, 2023 10:18 (GMT+8)

Source: SMM

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Steel prices rose after falling last week. Iron ore futures prices fell 2.64% at the beginning of last week as Tangshan and Handan city launched a level II emergency response to heavy air pollution.

SHANGHAI, Mar 7 (SMM) - Steel prices rose after falling last week. Iron ore futures prices fell 2.64% at the beginning of last week as Tangshan and Handan city launched a level II emergency response to heavy air pollution. The MMi 62% Fe index fell 10 yuan/mt to 912 yuan/mt in two days and the market trading atmosphere turned cold. However, the better-than-expected PMI of China’s manufacturing industry in February boosted the market's confidence in China's economic recovery. As such, steel prices bottomed out and SMM rebar price rose 54 yuan/mt to 4,253 yuan/mt.

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