On April 18, Chinese steel producer Shougang Group announced downward adjustments to its ex-mill prices for flat steel products for the month of May. The details are as follows:
1. Hot rolled coil (HRC) prices have been cut by RMB 150/mt ($23/mt). As a result, the new ex-mill price of Q235 5.5 mm x 1,500 mm HRC is RMB 4,020/mt ($614/mt).
2. Cold rolled coil (CRC) prices have been reduced by RMB 230/mt ($35/mt). Thus, the ex-mill price of SPCC 1.0 mm CRC has dropped to RMB 4,750/mt ($725/mt).
3. Full hard cold rolled coil prices have declined by RMB 150/mt ($23/mt), with the current ex-mill price of SPCC 1.0 mm material now at RMB 4,510/mt ($689/mt).
4. Galvanized coil prices have decreased by RMB 150/mt ($23/mt), with the current ex-mill price of St01Z 1.0 mm galvanized coil now at RMB 5,110/mt ($780/mt).
All the above prices are ex-mill, do not include 17 percent VAT and are effective from May 1, 2011.
US$1 = RMB 6.53