After raising its flat products prices by RMB 350/MT (USD 53) effectively for May and June deliveries, China’s steel major, Bao Steel has cut its main stream flat prices for July shipments.
This move has come after domestic flat products prices in China plunged after mid May due to thin trading activities and pessimistic sentiments in the market. Following this, China’s export offers have also fallen down considerably.
The company has lowered prices for hot-rolled coil and cold-rolled coil were lowered by RMB 200/MT (USD30) and RMB 180 (USD 27) per tonne, respectively.
Bao Steel’s pricing policy usually sets the price trend for Chinese domestic steel industry.
Week Opens with Stable Offers from China
Unlike last few weeks, during which China’s HRC export offers have fallen, this week opened with stable prices. Current offers for HRC (2.5mm A36) are assessed at USD 340-350/MT, FoB China.
After ‘4-days Dragon boat festival’ holidays in China last week, country’s domestic market opened with slight uplift in prices and subsequently country’s export offers have remained stable.
Offers from CIS countries are heard at USD 385-420/MT, FoB Black Sea whereas no fresh export offers are being heard from Japan and Korea.
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