Price shocks in the offing

Domestic steel prices rose sharply last week as trading volumes slowed, triggering expectations of more price shocks soon.

Prices of deformed steel bar rose to around 4,358 yuan per ton on Friday, while high standard steel wire was quoted at 4,418 yuan per ton, up by 40 to 100 yuan per ton over previous week, according to Mysteel, an industry consultancy.

Mysteel's composite steel price index, a major gauge of domestic steel prices, shows that domestic long steel products have soared.