China’s major steelmaker – Baosteel has announced flat steel prices for December deliveries.The company has slashed flat steel prices by upto RMB 200/MT (USD 29) after keeping unchanged in previous month.
The effective rates for HRC (SS400 5.5mm*1500*C) are heard to be at RMB 5,001.92/MT (USD 719/MT).Prices mentioned are inclusive of taxes.
Meanwhile company cuts CRC price by RMB 150/MT for Dec deliveries.The effective prices of CRC (SPCC 1.0mm,-1250*C) is hovering at RMB 5,609/MT (USD 806/MT).All prices mentioned above are inclusive of taxes.
Company also slashes HDGI and plate prices by RMB 200/MT for Dec deliveries.
Chinese HRC decline sharply – Chinese HRC prices decline sharply amid slow demand and increased supply in domestic market.
In the mid of Oct domestic HRC prices stood at RMB 4,220-4,250/MT (Eastern China ) which has come down to RMB 3,800-3,830 (Eastern China) in mid Nov.Thus domestic HRC prices have dropped by 11% in Nov’18 as compare to Oct’18.
Steep fall in futures along with demand-supply mismatch resulted in constant decline in domestic steel prices.
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