Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil (HRC) for May this year.
Accordingly, the company has 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.
In April, the producer had kept its offer prices for Q235 5.5 mm x 1,500 mm HRC stable at RMB 4,600/mt ex-works.
HRC futures prices at Shanghai Futures Exchange moved down by RMB 460/mt ($66.6/mt) or 11 percent from April 3 to 28.
Chinese steelmakers have reduced outputs of HRC due to the continuous decreases in prices, which may bolster HRC prices in May.