Sumitomo Metal Mining Forecasts Rising Nickel Demand

BEIJING, July 22 -- China's steel prices enjoyed moderate growth in June, with the domestic aggregate price index having climbed two consecutive months to 101.98, up 3.91 percent from May.
&nbsp;&nbsp;&nbsp; According to the statistics from China Iron and Steel Association (CISA), prices of wire, hot rolled coils, cold rolled sheets and galvanized plates forcefully pushed their ways up. However, those of deformed steel bars, medium plates and hot rolled sheets made moderate advancements, while seamless steel tubes averted a fall to rise 2.14 percent on month.
&nbsp;&nbsp;&nbsp; The steel market managed to fire back up in June, which analysts have attributed to the growth of domestic demand, boosted by supportive policies.
&nbsp;&nbsp;&nbsp; In addition, steel prices were also driven up by the rise of raw material prices and slightly diminished inventory levels. It is the fourth straight month that the stock of major steel products declined in June.
&nbsp;&nbsp;&nbsp; CISA estimates that domestic demand will improve steadily with time, but the domestic price of steel may lay flat throughout the third quarter of this year due to export difficulties and released domestic output capacity.
&nbsp;&nbsp;&nbsp; (Source: chinamining.org)