Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil (HRC) for November this year. Accordingly, the company has kept its offer prices for Q235 5.5 mm x 1,500 mm HRC stable at RMB 4,300/mt ($641/mt) ex-works.
In October, the producer had also kept its offer prices for HRC unchanged.
HRC futures prices at Shanghai Futures Exchange moved up by RMB 172/mt ($25.7/mt) from September 30 to October 30, exerting a positive impact on market players’ sentiments. Meanwhile, iron ore prices have edged down in October, weakening the support for HRC prices from the cost side. As the weather will become colder and colder, HRC prices will likely move on a downward trend in November.
$1 = RMB 6.705
