China - Baosteel Hikes Flat Steel Price for October Deliveries
China’s major steelmaker - Baosteel has recently announced flat steel prices for October deliveries. The company has raised HRC prices by RMB 100/MT in and CRC prices by RMB 100-150/MT (USD 15-22) for October deliveries.
The effective rates for HRC (SS400 5.5mm*1500*C) are heard to be at RMB 5,233/MT (USD 760/MT).Prices mentioned are inclusive of taxes.
Also effective prices of CRC (1.0mm, SPCC) is hovering at RMB 5,667/MT (USD 825/MT) for Baoshan works, up by RMB 150/MT for Meishan base.All prices mentioned above are inclusive of taxes.
Company also raised HDGI (Hot rolled galvanized prices) by RMB 150/MT for October.Previously,the company had kept flat steel prices unchanged for the month of September.
Meanwhile Wuhan Iron & Steel Company (part of Baowu Steel Group Co) likely to hike wire rod and hot rolled coils prices by RMB 150/MT and beam products by RMB 100/MT for October deliveries.
China’s Baowu group stood world’s 2nd steel making company and recorded a tonnage of 65.39 MnT in CY17, as per data of World Steel Association.
Chinese domestic HRC prices rises amid recent production cut- Chinese steelmakers are increasing HRC prices in domestic market as nation have taken stringent efforts to curb excess steel capacity to curb pollution. Amid lowered production and supply, domestic prices have moved up.
On an average basis domestic HRC prices till mid Sep'18 stood at RMB 4,367/MT (Eastern China ) which was RMB 4,295/MT (Eastern China) till mid Aug’18.
source: SteelMint
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