According to data released by the China Iron and Steel Association (CISA) on September 15, as of the end of August (August 31) the composite steel price index (CSPI) for the Chinese domestic market was at 90.63 points, down 1.25 points or 1.36 percent month on month and down 11.48 points or 11.24 percent year on year.

At the end of August, the CSPI long steel index was at 91.24 points, down 1.7 points or 1.83 percent month on month and decreasing by 13.35 points or 12.76 percent year on year, while the CSPI flat steel index stood at 91.91 points, down 1.45 points or 1.55 percent month on month and declining by 9.59 points or 9.45 percent year on year.

During August, all eight main steel products monitored by the CISA indicated a downtrend. While cold rolled sheet (CRS) and hot dip galvanized (HDG) prices have declined at a slower pace, prices of other products hae decreased by larger margins. In particular, during the month of August prices of wire rod, rebar, angles, medium plate, hot rolled coil (HRC), cold rolled sheet (CRS), HDG and seamless pipe indicated decreases of RMB 81/mt ($13.2/mt), RMB 66/mt ($10.7/mt), RMB 48/mt ($7.8/mt), RMB 66/mt ($10.7/mt), RMB 66/mt ($10.7/mt), RMB 29/mt ($4.7/mt) and RMB 22/mt ($3.6/mt) and RMB 93/mt ($15.1/mt), respectively.

During August, the CSPI indicated an overall decreasing trend from the first week of the month. As of the end of the second week of September, the CSPI has dropped to 88.20 points.