Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil (HRC) for August this year.
Accordingly, the company has cut its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 600/mt ($89/mt) to RMB 4,400/mt ($652/mt) ex-works.
In July, the producer had reduced its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 600/mt to RMB 5,000/mt ex-works.
HRC futures prices at Shanghai Futures Exchange moved down by RMB 342/mt ($51/mt) or 7.9 percent during the month of July.
As for August, demand for HRC will continue to be sluggish in the traditional offseason, while market players expect that demand will improve in September.