Shagang Group raises local HRC prices by $7.8/mt for June

Wednesday, 02 June 2021 13:55:16 (GMT+3)   |   Shanghai
       

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 50/mt ($7.8/mt) to RMB 6,000/mt ($941/mt) ex-works.

In May, the producer had raised its offer prices for HRC by RMB 450/mt to RMB 5,950/mt ex-works.

HRC futures prices at Shanghai Futures Exchange moved down by RMB 334/mt ($34/mt) or 5.9 percent from April 30 to May 30 amid the bearish sentiment seen among market players since May 12.

As for June, demand for HRC will likely slacken amid the approaching rainy season in eastern and southern China. Accordingly, prices in the local market will not have strong support.

$1 = RMB 6.3773


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