Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil (HRC) for June this year.
Accordingly, the company has cut its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 250/mt ($35.2/mt) to RMB 4,050/mt ($571/mt) ex-works.
In May, the producer had cut its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 300/mt ($43.4/mt) to RMB 4,300/mt ($623/mt) ex-works.
HRC futures prices at Shanghai Futures Exchange moved down by RMB 82/mt ($11.6/mt) or 2.2 percent from May 4 to 31.
Market players expect sluggish demand for HRC due to the approaching hot summer season, which will exert a negative impact on HRC prices in June.
