Major Chinese steelmaker Baosteel has made adjustments to its carbon steel flat products prices for December deliveries, generally decreasing its prices. The price changes are as follows (comparisons are with November prices):
1. Prices of hot rolled coil (HRC) - produced by Baosteel's main steel production base and by its stainless steel division - have been reduced by RMB 200/mt ($31/mt), excepting steel for the automotive sector and high-strength welded structural steel.
2. Hot rolled pickled products:
1) Products produced by Baosteel's main steel production base and by its subsidiary Shanghai Meishan Co.: products with tensile strength above 440MPa have been reduced in price by RMB 150/mt ($23/mt), while prices of high-strength steel, carbon steel and glassed steel of other grades are down by RMB 300/mt ($47/mt).
2) Products from Baosteel's stainless steel division are RMB 50/mt ($7/mt) lower than prices of products from the main steel production base.
3. Cold rolled (CR) products:
1) Main steel base products have been reduced in price by RMB 300/mt ($47/mt).
2) Stainless steel division products are RMB 100/mt ($15/mt) lower in price than prices of products from Baosteel's main steel base.
3) Prices of products from Baosteel Group Shanghai Meishan Co. are RMB 200/mt ($31/mt) lower than prices of products from the main steel base.
4. Hot dip galvanized (HDG):
1) Main steel base product prices have been reduced by RMB 200/mt ($31/mt), apart for a RMB 400/mt ($63/mt) decrease for CQ grade, S series structural steel and pickled hot rolled plate.
2) Products from Baosteel Group Shanghai Meishan Co. have been reduced in price by RMB 400/mt ($63/mt).
5. Electro-galvanized (EG) products: prices are all down by RMB 200/mt ($31/mt).
6. Galvalume:
1) Main steel base products: prices have been reduced by RMB 300/mt ($47/mt).
2) Prices of Baosteel Group Shanghai Meishan Co. products are RMB 50/mt ($7/mt) less than main steel base products.
7. Non-grain-oriented (NGO) electrical steel:
1) The prices of high grade steel and B35 series have been reduced by RMB 400/mt ($63/mt).
2) The prices of B50 and B65 series middle-to-low grade products are RMB 350/mt ($55/mt) lower than the price levels of November.
8. Grain-oriented electrical steel: prices are down by RMB 400/mt ($63/mt).
9. Hot rolled plate (HRP) prices are down by RMB 300/mt ($47/mt).
All the above price changes are effective from November 10, 2011 and exclude 17 percent VAT
$1 = RMB 6.34