Steel prices increase 39.9% in Q1

First quarter steel prices in China increased 39.9% year-on-year, spurred by rising domestic demand and increasing prices of raw materials and energy, according to China's Ministry of Commerce, which added that international steel price increases were also pushing domestic steel prices upward. The ministry said that steel output growth decreased at the beginning of the year, with total output for the first two months exceeding 43 million tons, a 31.7% year-on-year increase. Steel imports also increased, rising 21.5% year-on-year to reach 6.6 million tons.