Market players indicate that the increases in most of its flat steel prices announced by Shanghai-based Chinese steel giant Baosteel on August 12 may provide support for a slight rise in domestic market prices in China. Baosteel's increases in its flat steel prices are the first increases in its flat steel prices since May this year.
According to its latest price announcement, Baosteel's hot rolled structural steel prices have risen by RMB 60/mt ($9.3/mt), its ordinary cold rolled product prices are up by RMB 120/mt ($18.6/mt), HDG prices have climbed up by RMB 150-200/mt ($23-31/mt), high grade non-grain-oriented (NGO) electrical steel prices have remained unchanged and low grade prices have risen by RMB 130/mt ($20/mt); the prices of B23 and B27 R grain-oriented electrical steel have remained unchanged, while the prices of other products have fallen by RMB 600-1,000 ($93-156/mt). All the above prices exclude taxes.
Meanwhile, Chinese steel giant Hebei Iron and Steel Co.'s subsidiaries Tangshan Steel, Xuhuan Steel and Chengde Steel have increased their wire rod prices by RMB 150/mt ($23/mt), while keeping their other prices unchanged.
Domestic market prices of hot rolled coil (HRC) and cold rolled coil (CRC) in China have increased by around RMB 1,000/mt ($15.5/mt) in the first half of August. Flat steel booking activity in the domestic market is reported to be at good levels.