Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil (HRC) for July this year.
Accordingly, the company has dropped its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 600/mt ($90/mt) to RMB 5,000/mt ($747/mt) ex-works.
In June, the producer had kept its offer prices for Q235 5.5 mm x 1,500 mm HRC stable at RMB 5,600/mt ex-works.
HRC futures prices at Shanghai Futures Exchange moved down by RMB 404/mt ($60.4/mt) or 8.4 percent from June 1 to 30.
As for July, demand for HRC will remain slack in the traditional offseason, while market players think the situation will not improve significantly until September.