China's CRC market was the first to react to Baosteel's
price adjustment late on Monday, when the steelmaker cut its list price for the
product by 200-350 yuan ($32-55) per tonne.
In Shanghai, 1.0mm-thick CRC changed hands at 4,690-4770
yuan per tonne, down 20-50 yuan per tonne from Monday.
Baosteel had announced to cut the July prices of HR
and CR Coil by RMB234 ($37/MT) and galvanized steel by RMB 117/MT ($18)
HRC of 3MM is offered at $846/MT and Cr Coil of 1Mm is
offered $856/MT. Whereas HDG of 1MM is offered at $880/MT
Baosteel is the second-largest steel producer in the
world measured by crude steel output (after ArcelorMittal), with an
annual output of around 20 million tons. Baosteel's pricing
decisions are generally regarded as a bellwether for the industry.
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