Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil (HRC) for the month of May. Accordingly, the company has cut its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 250/mt ($35.4/mt) to RMB 3,400/mt ($481.0/mt) ex-works.
In April, the producer had decreased its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 150/mt ($21.2/mt) to RMB 3,650/mt ($516.3/mt) ex-works.
Due to the continuous negative impact from the coronavirus pandemic worldwide, competition in the Chinese domestic HRC market has increased, and so the producer has decided to cut its quotations again for May to attract customers. Accordingly, Shagang Group’s HRC prices have become closer to traders’ current spot prices in China.
$1 = RMB 7.069