Major Chinese steelmaker Angang Steel Company Ltd. has issued its prices for carbon steel flat products for delivery in October this year.
The producer has decided to cut its local base prices by RMB 250/mt ($35/mt) for hot rolled coil (HRC) and steel plate, while cutting its local base prices for acid pickling plate, cold rolled coil (CRC), hot dip galvanized (HDG), non-grain-oriented silicon steel, grain-oriented silicon steel, pre-painted galvanized iron (PPGI), wire rod, rebar and seamless steel pipe by RMB 200/mt ($28/mt), all for delivery in October.
Prices of raw materials, including coke and iron ore, have continued their downtrend lately, leaving room for finished steel prices to move down also.