Steel prices down 17%

Efforts to cool down the economy contributed to the decrease in steel product prices for construction projects, according to a State Development and Reform Commission official quoted in state media. In a six-week period that ended in mid-May, the price of steel products dropped by US$91 per ton, or about 17%, to US$419 per ton. The official said that central government measures, a stronger US dollar and decreases in the prices of raw materials used in the production of steel brought prices down. Despite the price drop, steel prices at the time of the official's statements were 30% higher than the same time in 2003.