On April 1, Chinese steel giant Baosteel issued new ex-factory prices for certain flat steel products for the month of May, making downward adjustments for the products in question. The details are as follows:
1. Hot rolled prices have decreased RMB 200/mt ($29/mt). As a result, the new price of 5.75 mm x 1,250 mm x C SS400 is at RMB 3,292/mt ($482/mt), while that of 2.0 mm x 1,250 mm x C SPHC stands at RMB 3,592/mt ($526/mt).
2. Cold rolled prices are down RMB 200/mt ($29/mt). Thus, the price of 1.0 mm x 1,250 mm x C DC01 is now at RMB 3,826/mt ($560/mt).
3. Hot rolled and pickled prices have seen a drop of RMB 300/mt ($44/mt), with the price of 3.0 mm x 1,250 mm x C SPHC decreasing to RMB 3,397/mt ($497/mt).
4. Galvanized coil prices have decreased RMB 300/mt ($44/mt).
5. Electrical steel prices are down RMB 200/mt ($29/mt).
All the above prices exclude 17 percent VAT and are effective from April 1, 2009.
$1 = RMB 6.83