Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Chinese Steel Prices Post First Decline in Six Weeks on Economy

Benchmark Chinese steel prices fell 1.9 percent this week, the first decline in six, as the government studied a property tax and economic concerns eroded purchases of the material used in houses and cars.

Prices of hot-rolled coil fell to 4,176 yuan ($614) a metric ton today, from 4,259 yuan a ton a week ago, according to Beijing Antaike Information Development Co. Prices had increased for five straight weeks before this, posting an aggregate gain of 9.5 percent.

Purchases of U.S. existing houses plunged a record 27 percent in July to the lowest in a decade of record keeping, sparking concerns slowing global economic growth would curb commodities demand. China is studying a property tax and plans to introduce real estate tax reform, the official Xinhua News Agency said Aug. 24.

“The decline in steel prices, echoing a plunge in the equity markets, reflects worries over the economy,” Ma Haitian, an Antaike analyst, said in Beijing. “The price drop may continue in the coming weeks.”

The benchmark Shanghai Composite Index fell 2 percent, the biggest drop in two weeks, on Aug. 25. The index was down 1.2 percent this week.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.