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 raised its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 400/mt ($62/mt) to RMB 6,250/mt ($966.6/mt) ex-works.
In July, the producer had cut its offer prices for HRC by RMB 150/mt to RMB 5,850/mt ex-works.
HRC futures prices at Shanghai Futures Exchange moved up by a total of RMB 741/mt ($114.6/mt) or 13.7 percent from June 30 to July 31.
As for August, demand for HRC will be slack amid the hot summer off-season, while the high level of raw material prices will bolster HRC prices to some extent and production cuts will also provide support for prices.
$1 = RMB 6.466