Baoshan Iron & Steel (Baoshan Steel), the listed-arm of China Baowu Steel Group, has announced its list prices of flat steel today for Nov ’20 deliveries.
- HRC price decline by RMB 100/t ($15)
- CRC and heavy plates price remain unchanged
- Hot Dipped Galvanized steel price up by RMB 100/t ($15)
- Color coated prices increased by RMB 150/t ($22)
- Prices mentioned above exclude VAT taxes
The prices of the Baoshan works in East China’s Shanghai, the Meishan mill in East China’s Jiangsu, its Qingshan plant in central China’s Hubei, and the Dongshan works in South China’s Guangdong province.
The above prices will be effective from the date of its publication and the final explanation right to this price adjustment notice belongs to the marketing department of Baoshan Iron and Steel Co. Ltd.
In Sep’20, the company had announced an increase in HRC and heavy plate prices by RMB 50/t meanwhile for HDG and CRC the hike was around RMB 200-250/t for Oct deliveries.
Factors dominating Chinese steel prices – The nation recorded all-time high steel production in Aug which resulted in an increase in inventory levels in the month of Sep. Also weakening futures and fall in domestic prices resulted in pessimistic sentiments in the market. These reasons can be attributed to a fall in prices.
Last week before the National day holidays (from 1st -8th Oct’20) domestic HRC prices in China were in the range of RMB 3,810-3,830/t (Eastern China). The prices are lower by around RMB 200-210/t m-o-m basis . However the market is expected to resume trades completely from next week.
Baowu group stood as the world’s 2nd largest steel producer in CY’19 with an output of 95.5 mn t.
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