Magang adjusts prices for mid-June

SteelOrbis Shanghai On June 11, Maanshan Iron and Steel Company (Magang) adjusted its ex-factory prices which will remain in effect until June 20, 2006. Accordingly, rebar prices of the steelmaker increased RMB 80/mt ($10). 14-25 mm HRB335 price for southern China increased to RMB 2,940/mt ($367) excluding VAT. Hot rolled sheet and coil prices of the mill increased RMB 440/mt ($55) and 3.0 mm hot rolled coil price reached RMB 4,080/mt ($509) excluding VAT. Cold rolled sheet and coil prices increased RMB 180-250/mt ($22-31). 1.0 mm cold rolled coil prices reached RMB 4,600/mt ($574) excluding VAT. The prices of galvanized coils increased RMB 280/mt ($35), that of color coated coils increased RMB 200/mt ($25). After the adjustment, the new price of 1.0 mm thick SGCC galvanized coils became RMB 5,000/mt ($624) and that of 0.45 mm thick TSGCC color coated coils became RMB 6,210/mt ($775), excluding 17% VAT.