Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil (HRC) for November 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 4,050/mt ($562.5/mt) ex-works.
In October, the producer had kept its offer prices for Q235 5.5 mm x 1,500 mm HRC stable at RMB 4,200/mt ex-works.
HRC futures prices at Shanghai Futures Exchange moved down by a total of RMB 429/mt ($59.6/mt) or 11.0 percent during the month of October.
As for November, demand for HRC is expected to be slacker than in October due to the repeated outbreaks of the Covid-19 pandemic and their negative impact on the steel market.