Major Chinese steelmaker Baosteel has made adjustments to its carbon steel flat products prices for May deliveries, generally reducing its prices. This is the first time that Baosteel has reduced its steel prices since September 2010. The price changes are as follows (comparisons are with April prices):
1. Hot rolled coil (HRC) - produced by Baosteel's main steel production base and by its stainless steel division:
Prices are down by RMB 200/mt ($30/mt).
2. Hot rolled pickled products:
1) Products produced by the main steel production base have been reduced in price by RMB 200/mt ($30/mt).
2) Products from the stainless steel division are RMB 50/mt ($7/mt) lower than prices of products from the main steel base.
3. Cold rolled (CR) products:
1) Main steel base products are down by RMB 300/mt ($45/mt).
2) Stainless steel division products are RMB 100/mt ($15/mt) lower than prices of products from Baosteel's main steel base.
2) Products from Baosteel Group Shanghai Meishan Co. are RMB 200/mt ($30/mt) lower than prices of products from the main steel base.
4. Hot dip galvanized (HDG):
1) Main steel base product prices are down by RMB 300/mt ($45/mt).
2) Products from Baosteel Group Shanghai Meishan Co. are also down by RMB 300/mt ($45/mt).
3) Product prices from the stainless steel division are RMB 100/mt ($15/mt) lower than product prices from the main steel base.
5. Electro-galvanized (EG) products: prices are down by RMB 200/mt ($30/mt).
6. Galvalume:
1) Main steel base products: prices are down by RMB 200/mt ($30/mt),
2) Baosteel Group Shanghai Meishan Co.,Ltd products: prices are RMB 50($7/mt) less than main steel base products.
7. Color coated (May-June): all RMB 300/mt ($45/mt) lower than March-April prices.
8. Non-grain-oriented (NGO) electrical steel:
1) Prices of high grade steel and B35 series are unchanged.
2) Prices of B50AR, B50AH600, B50AH470, B50AH350, B50A470 and B50A540 series are down by RMB 200/mt ($30/mt).
3) B65A600 and lower grades, B50AH800 and lower grades, B50A600 and lower grades have been reduced in price by RMB 400/mt ($60/mt).
9. Grain-oriented electrical steel: prices are up by RMB 1,500/mt ($227)
All the above price changes are effective from April 7 and include 17 percent VAT
US$1 = RMB 6.59