Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil for September 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/mt) to RMB 3,500/mt ($493/mt) ex-works.
In August, the producer had cut its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 250/mt ($35/mt) to RMB 3,700/mt ($519/mt) ex-works.
Following the big price declines seen in August, with several steelmakers implementing maintenance works in the given month, Shagang has decided to cut its HRC prices by a further RMB 200/mt ($28/mt) in September, reflecting bearish sentiments as regards the future prospects for the HRC market.