Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil (HRC) for March this year. Accordingly, the company has cut its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 200/mt ($28.5/mt) to RMB 3,800/mt ($542/mt) ex-works.
In February, the producer has held its offer prices for Q235 5.5 mm x 1,500 mm HRC stable at RMB 4,000/mt ($580.7/mt) ex-works. Due to the outbreak of the coronavirus, the HRC market in China has been negatively affected as demand from downstream users has slackened amid postponement of production and construction activities. Accordingly, the producer has decided to cut its quotations for March.
$1 = RMB 7.0126
