Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil (HRC) for August this year.
Accordingly, the company has raised its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 200/mt ($28/mt) to RMB 4,300/mt ($603/mt) ex-works.
In July, the producer had raised its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 50/mt ($7/mt) to RMB 4,100/mt ($575/mt) ex-works.
HRC futures prices at Shanghai Futures Exchange moved up by RMB 226/mt ($32/mt) or 5.9 percent in July.
As for August, market sentiment has been bolstered by the favorable government policy for the real estate sector, which will exert a positive impact on HRC prices in the future. It is thought that HRC prices in the Chinese domestic market will likely edge up in August.