Major Chinese steelmaker Baosteel issued its prices for carbon steel flat products for delivery in November.
Accordingly, the producer has decided to cut its local base prices for hot rolled coil (HRC) by RMB 100/mt ($15/mt). And though the producers’ move is closely watched by Asian mills, it does not signal weaker market conditions, sources have said. Baosteel had been continuously increasing the price for HRC over past months and this correction is aimed at offsetting the impact from weaker-than-expected demand in September.
At the same time, Baosteel increased its local base prices for hot dip galvanized (HDG), electro-galvanized products, galvalume and non-grain-oriented silicon steel by RMB 100/mt ($15/mt), and raised its price for pre-painted galvanized iron (PPGI) by RMB 150/mt ($22.5/mt), while keeping its local base prices stable for steel plate, sections, hot rolled pickled products, and cold rolled coil (CRC) for November delivery, SteelOrbis has learned.
$1 = RMB 6.7296
