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 price for Q235 5.5 mm x 1,500 mm HRC by RMB 300/mt ($47/mt) to RMB 5,950/mt ($927/mt) ex-works.
In October, the producer had kept its offer price for HRC stable at RMB 6,250/mt ex-works.
HRC futures prices at Shanghai Futures Exchange moved down by RMB 810/mt ($126/mt) from October 8 to October 29, exerting a negative impact on market players’ sentiments. Production restrictions and power supply limitations also negatively affected the HRC market in the given month. It is expected that HRC prices will move down in November amid expected slack demand.