On September 10, major Chinese steelmaker Baosteel issued its prices for carbon steel flat products for delivery in October.
The producer has decided to raise its local base prices for steel plate, hot rolled coil (HRC) and sections by RMB 50/mt ($7.3/mt), it has increased its local base prices for cold rolled coil (CRC), hot rolled pickled products, hot dip galvanized (HDG), electro-galvanized products and grain-oriented electrical steel by RMB 200/mt ($29.2/mt), while raising its prices for non-grain-oriented electrical steel by RMB 300/mt ($44/mt) for October, SteelOrbis has learned.
This is the positive sign for the market, as this week futures and domestic HRC spot prices have been going down, hurting sentiment in the Asian market in general. The increase in Baosteel’s prices for October is considered by market sources to be due to the producer’s expectations of a rebound in demand and the fact that the overall outlook is not bad.
$1 = RMB 6.8389