On August 11, Chinese steel giant Baosteel announced a general upward adjustment of RMB 600/mt ($88/mt) to its ex-factory prices for flat steel products for the month of September. The details are as follows:
1. HRC
SS400 prices have increased by RMB 600/mt ($88/mt), while SPHC prices are up by RMB 500/mt ($73/mt). As a result, the new price of 5.75 mm x 1,250 mm x C SS400 is now at RMB 4,542/mt ($665/mt), while that of 2.0 mm x 1,250 mm x C SPHC stands at RMB 4,992/mt ($731/mt).
2. Cold rolled prices have gone up by RMB 600/mt ($88/mt). Thus, the price of 1.0 mm x 1,250 mm x C DC01 is at RMB 5,126/mt ($751/mt).
3. Prices of hot rolled pickled products have jumped up by RMB 600/mt ($88/mt), with the price of 3.0 mm x 1,250 mm x C SPHC now at RMB 4,797/mt ($702/mt).
4. Prices of hot dip galvanized coils have risen by RMB 600/mt ($88/mt). Following the adjustment, the new price of 1.0 mm x 1,250 mm x C DC51D+Z is now at RMB 5,377/mt ($787/mt).
5. Electrogalvanized prices are up by RMB 600/mt ($88/mt). Thereby, the new price of 1.0 mm x 1,250 mm x C SECC is at RMB 6,617/mt ($969/mt).
6. Color coated prices have increased by RMB 600/mt ($88/mt).
7. Electrical steel prices have increased by RMB 600/mt ($88/mt).
All the above prices exclude 17 percent VAT and are effective from August 11, 2009.
$1 = RMB 6.83