Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil (HRC) for July 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/mt) to RMB 4,100/mt ($569/mt) ex-works.
In June, the producer had cut its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 250/mt ($35.2/mt) to RMB 4,050/mt ($571/mt) ex-works.
HRC futures prices at Shanghai Futures Exchange moved up by RMB 161/mt ($22.4/mt) or 4.4 percent in June.
As for July, demand for HRC will likely slacken due to the hot weather. It is expected that HRC prices in the Chinese domestic market will edge down in July.