Tangang announces September prices

SteelOrbis Shanghai Hebei province based Tangshan Iron & Steel Group Co. Ltd (Tangang) released its September ex-factory price list of hot rolled and cold rolled products on August 28, 2006. The mill kept its prices unchanged for September. The September price of >3.5 mm thick Q235 hot rolled coils retained RMB 3,900/mt ($489) including 17 percent VAT, and that of 1.0 mm thick SPCC cold rolled coils retained RMB 4,500/mt ($565) including 17 percent VAT level. Because of the continuous market price decline of flat products in July and August, Tangsteel's agents incurred great losses. Therefore, Tangsteel refunded some money to the agents, and the actually settled price in August was RMB 3,650/mt ($458) for >3.5 mm thick Q235 hot rolled coils including VAT, and RMB 4,300/mt ($540) for 1.0 mm thick SPCC cold rolled coils including VAT. Unless the market prices of flat products increase sharply, Tangsteel may maintain this policy in September, too.