On September 14, Inner Mongolia Autonomous Region-based Chinese steelmaker Baotou Steel issued its flats prices for October, making sharp downward adjustments for all products concerned. The details are as follows:
1. Hot rolled prices have decreased RMB 760/mt ($111/mt) from September levels. As a result, the new price of 5.5 mm Q235 is RMB 3,800/mt ($557/mt).
2. Medium plate prices are down RMB 350/mt ($51/mt). Thus, the new price of 14-20 mm Q235 is RMB 4,060/mt ($595/mt).
3. Cold rolled prices have seen a drop of RMB 600/mt ($88/mt). Thus, the new price of 1.0 mm SPCC is RMB 4,850/mt ($711/mt).
4. Full Hard prices are down RMB 600/mt ($88/mt), with the price of 1.0 mm SPCC decreasing to RMB 4,450/mt ($652/mt).
5. Prices of galvanized coils have jumped down by RMB 600/mt ($88/mt). Following the adjustment, the new price of 1.0 mm ST01Z stands at RMB 5,000/mt ($733/mt).
All the above prices include 17 percent VAT and are effective from September 14, 2009.
$1 = RMB 6.83