Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil (HRC) for December. Accordingly, the company has raised its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 120/mt ($17.1/mt) to RMB 3,820/mt ($543.4/mt) ex-works.
In November, the producer had cut its HRC offer prices by RMB 110/mt to RMB 3,700/mt ex-works. Over the past month, local demand in China has improved and HRC prices in the spot market have been on the rise. Accordingly, the producer has decided to increase quotations for December, to offset the decline in November.