The Raw Steels Monthly Metals Index (MMI) rose by 0.8% as U.S. steel prices continued to pick up but Chinese prices corrected. Chinese steel prices dropSince April 2020, Chinese steel prices have traded up consistently with a short decline period around December 2020. Around mid-May, all forms of Chinese steel prices peaked, as demand continued to soar in China. On May 26, steel prices saw a price drop of approximately 20% for all forms of steel. Chinese advantageAs mentioned above, the Chinese government is working to lower domestic steel prices to boost its competitive advantage.