Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil for January this year.
Accordingly, the company has cut its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 150/mt ($21/mt) to RMB 3,650/mt ($508/mt) ex-works.
In December, the producer had kept its offer prices for Q235 5.5 mm x 1,500 mm HRC stable at RMB 3,800/mt ($528.5/mt) ex-works.
Following the price decreases seen in December, with several steelmakers planning to implement maintenance works and halt production in January, Shagang has decided to cut its HRC prices by RMB 150/mt ($21/mt) for the first month of the year, signaling bearish sentiments as regards the future prospects for the HRC market amid the approach of the Chinese New Year holiday (January 28-February 4).
