The price of steel is likely to rebound this month, according to Hu Yanping, an analyst from CuSteel.
The steel price usually rises at the beginning of each year, Hu said, citing 5.5 millimeter hot rolled steel, which showed January price rises each year from 2005 to 2011, except for 2009.
Prices are also likely to continue rising in the second quarter, due to an expected increase in demand after the Spring Festival holiday and a rebound in material costs, Hu said.