Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil (HRC) for May this year.
Accordingly, the company has raised its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 450/mt ($69/mt) to RMB 5,950/mt ($917/mt) ex-works.
In April, the producer had raised its offer prices for HRC by RMB 300/mt to RMB 5,500/mt ex-works.
HRC futures prices at Shanghai Futures Exchange moved up by RMB 221/mt ($34/mt) or 4.04 percent from April 1 to April 30 amid the prevailing bullish sentiments among market players.
As for May, demand in China for HRC will be at decent levels, while output of HRC will likely decline amid production restrictions. It is thought that HRC prices in China will continue to rise in May.