Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil (HRC) for September this year. Accordingly, the company has raised its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 150/mt ($22/mt) to RMB 4,300/mt ($628/mt) ex-works.
In August, the producer had increased its offer prices for HRC also by RMB 150/mt, to RMB 4,150/mt ($606/mt) ex-works.
HRC futures prices at Shanghai Futures Exchange moved up by RMB 100/mt ($14.6/mt) from August 3 to August 31, exerting a positive impact on market players’ sentiments. Meanwhile, iron ore prices indicated an overall rising trend in August, bolstering HRC prices from the cost side. Since September and October are regarded as the traditional peak season for sales, HRC prices will likely edge up further in September.
$1 = RMB 6.8498
