Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil (HRC) for January this year.
Accordingly, the company has raised its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 200/mt ($28/mt) to RMB 4,250/mt ($612/mt) ex-works.
In December, the producer had kept its offer prices for Q235 5.5 mm x 1,500 mm HRC stable at RMB 4,050/mt ex-works.
HRC futures prices at Shanghai Futures Exchange moved up by RMB 270/mt ($38.8/mt) or 7.0 percent from December 1 to 30.
As for January, the demand for HRC will remain sluggish amid the approach of Chinese New Year holiday, while market players expect stocks to be built up ahead of the long holiday, which may bolster HRC prices to some extent.
$1 = RMB 6.9475
