SteelOrbis Shanghai Local CR prices increased sharply after
Baosteel's new price list announcement, while the export prices have also improved. In the previous week, after the announcement of
Angang and Wuhan Steel's March price lists, some steel mills had adjusted their prices by a large range one after the other. However, the price hikes by those steelmakers was not influential due to the sharp increase in the prices of Wuhan Steel and
Angang's prices. Chinese CR sheet/coil prices remained steady with limited increase in product volume in each market before
Baosteel's announcement last week. However, market prices saw a sharp increase the day after
Baosteel's new price list announcement. In the Shanghai market, the increase range of domestic CR sheet even topped RMB 300/mt ($37) on Friday, February 24. Meanwhile, the product volume in
China has increased by a small amount. Market sources report that most orders are for export, leaving less products to traders for the domestic market in March. The increase in sheet/coil prices in the European market also supported the prices of CR sheet/coil in Asian markets.
Japan may raise its commercial grade CR sheet prices for April to June shipments by $20-30/mt. Exports of leading Chinese steelmakers remain strong. Traders think that prices, and also the sales volume may go up. In the short term, CR prices may increase somewhat because the amount of newly arrived products is low. The actual demand will bring stability to the prices.