Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil (HRC) for June this year. Accordingly, the company has raised its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 350/mt ($49.1/mt) to RMB 3,750/mt ($525.8/mt) ex-works.
In May, the producer had decreased its offer prices for HRC by RMB 250/mt ($35.4/mt) to RMB 3,400/mt ($516.3/mt) ex-works.
HRC futures prices at Shanghai Futures Exchange have moved an overall upward trend, exerting a positive impact on market players’ sentiments. Meanwhile, iron ore prices have surged, bolstering HRC prices.
$1 = RMB 7.1315