China's rolled steel price in December 2005 dropped by 13.1 percent year on year for over production, said sources with the People's Bank of China (PBC) on Thursday.

 

The price was 2.2 percent down from November 2005, said the PBC.

 

According to the National Development and Reform Commission (NDRC), price of rolled steel in the Chinese market began to drop from the second quarter of 2005 and Chinese steel enterprises saw profits down to large extent since last August.

 

Monthly corporate goods price data released by the central bank also showed that the price of pig iron and rolled steel had declined for more than eight months consecutively.

 

The price of pig iron in last December dropped by 2.9 percent month on month and 9.5 percent down year on year, said the PBC.

 

(Xinhua News Agency January 27, 2006)