Chinese steel prices down last week

Chinese spot steel prices dipped 0.3 percent over last week, with traders concerned about the impact of tighter monetary policies on the property market, according to industry consultancy Mysteel. Mysteel's composite price index fell to 146.9 points, the first decline in over a month, with prices of long products - used primarily in construction - dropping 0.8 percent during the week.
Prices of flat products used in automobiles and household goods still rose 0.1 percent over the period. The steel market is still digesting the decision last week by China's central bank to raise the country's bank reserve ratio, which could result in a construction slowdown. Traders were less concerned by leading steel maker Baosteel's decision to abandon planned price rises for February.