Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil (HRC) for January 2020. Accordingly, the company has raised its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 180/mt ($26/mt) to RMB 4,000/mt ($574/mt) ex-works.
In December, the producer had raised its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 120/mt to RMB 3,820/mt ex-works. With the approach of the Chinese New Year holiday, traders and downstream users may build up stocks, which would bolster HRC prices. Accordingly, the producer has decided to increase quotations for January delivery.
$1 = RMB 6.9681