Major Chinese steelmaker Baosteel has issued its prices for carbon steel flat products for delivery in September this year.
The producer has decided to cut its local base prices by RMB 100/mt ($14/mt) for hot rolled coil (HRC), acid pickling plate, cold rolled coil (CRC), hot dip galvanized (HDG), galvalume, medium-aluminum zinc aluminum magnesium, high-aluminum zinc aluminum magnesium, and non-grain-oriented silicon steel, while cutting its local base price for steel plate by RMB 150/mt ($21/mt), all for delivery in September.
The shift in production standard for rebar and wire rod has resulted in prevailing bearish sentiments among market players, while demand has remained slack, both of which have exerted a negative impact on Chinese steelmakers’ price policies for September.