According to the report released by MOFCOM recently, China's steel price dropped slightly after a three-week increase owing to the price decline for the iron ore and less procurement orders made by traders. On the week ended on April 24, China's domestic steel price had decreased by 0.2% week over week. Meanwhile the prices for the silicon steel sheets with the thickness of 0.5mm, the HR strip steel with the specification of 145*2.5mm and the medium plate with thickness of 10mm had dropped by 1.2%, 0.8% and 0.5% respectively. During the given week, China's domestic iron ore price also declined 2.1% compared to prior week along with the booming steel demand in the market. Besides the social inventories for the building steel products came to 8.866 million t, down by 4.2% week over week and by 16.8% month over month. In this context, the steel price is anticipated to remain at a stable level in the foreseeable future.