China: Baosteel Rolls Over HRC Prices for Dec Deliveries

China's major steelmaker Baosteel released its monthly steel prices today. The company has kept its HRC, plain carbon CR coil, and HDGI prices unchanged for Dec deliveries.

However, the company slashed its heavy plate prices by RMB 100/MT (USD 14.27/MT) in its Baoshan, and Dongshan base for Dec deliveries.

Last month also, Baosteel announced a roll-over in its steel prices for Nov deliveries.

Nation’s domestic HRC prices witness fall- Domestic HRC prices stood at RMB 3,520-3,540/MT in Nov'19 slashed by RMB 80-90/MT, against RMB 3,610-3,620/MT (Eastern China) at the beginning of Oct'19.

Thus recently announced production curbs fuels bearish market sentiments and resulted in sparse trading in the domestic market. Also, volatile futures leads to weakening domestic steel prices.

Thus, Baosteel keeps its steel prices largely unchanged.