December 18, SteelGuru - Information Daily reported quoted Industry and Information Technology Commission of Jiangxi Province said that by this week, the steel price in local has showed signs of rising for straight eight months, bottoming out one month earlier compared with the national averaged level. And the prices of medium plate hiked by as much as 10% with the other specs up 1% to 5%.

Some analysts believed that the reasons why prices posted signs of recovering in advanced one month are as follows:

1. The steel prices have bottomed out for the second time since early-Aug this year, sending most steel enterprises to face profits losses again.

2. Many steel mills, like Baosteel and Wuhan Steel raised their December ex works prices which may ensure the prices in Jiangxi province would not decline further.

3. The steel inventory in Nanchang city remained at around 80,000 tonnes all the way, a lower level compared with China 26 major cities, which was considered as the main driver push the prices to rebound first.