Baosteel held HRC/CRC offers for September as Chinese market sentiments have improved and September is the peak season for steel consumption.
Baosteel, China’s one of the major steel producer, has announced to hold HRC/CRC offers for September shipments due to slight recovery in Chinese spot market reported earlier this month. The steel major has reduced its prices consecutively for July and August deliveries owing to slump in prices across globe.
With the production curtailment of Chinese steel mills following the stricter environmental laws, prices in Chinese steel market have seen slight recovery in anticipation that supply will retrench in coming months.
As reported, September is the peak month for steel consumption in China and mills usually don’t have to worry about securing orders during the month.
However as per trade sources, the company has reduced its MS plate offers by USD 16/MT for September shipments.
Prices including 17% VAT
Source: SteelMint Research
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