On October 12, Inner Mongolia Autonomous Region-based Chinese steelmaker Baotou Steel made downward adjustments to its flats prices for November. The details are as follows:
1. Hot rolled prices have decreased RMB 420/mt ($62/mt) from October levels. As a result, the new price of 5.5 mm Q235 is RMB 3,380/mt ($496/mt).
2. Medium plate prices are down RMB 400/mt ($59/mt). Thus, the new price of 14-20 mm Q235 is RMB 3,660/mt ($537/mt).
3. Cold rolled prices have seen a drop of RMB 320/mt ($47/mt). Thus, the new price of 1.0 mm SPCC is RMB 4,530/mt ($664/mt).
4. Full Hard prices are down RMB 400/mt ($59/mt), with the price of 1.0 mm SPCC decreasing to RMB 4,050/mt ($594/mt).
5. Prices of galvanized coils have jumped down by RMB 370/mt ($54/mt). Following the adjustment, the new price of 1.0 mm ST01Z stands at RMB 4,630/mt ($679/mt).
All the above prices include 17 percent VAT and are effective from October 12, 2009.
$1 = RMB 6.82