Posted on 13 May 2024
Baoshan Iron & Steel Co (Baosteel), the listed-arm of the world's largest steelmaker China Baowu Steel Group, has decided to add Yuan 50/tonne ($6.9/t) to the list prices of its carbon steel hot-rolled coil (HRC) for domestic sales in June, after having cut its HRC list prices for May, according to a release posted on its official WeChat account on May 10.
Baosteel's price revision for Jun sales
Product | Price adjustment (Yuan/t) |
Hot-rolled coils | +50 |
Carbon steel plates | - |
Pickled and oiled coils | +50 |
Cold-rolled coils | - |
Hot-dipped galvanized steel | - |
Electro-galvanized steel | - |
Color-coated coils | +100 |
Non-grain oriented electrical steel | - |
Grain oriented electrical steel | +200 |
Source: Baosteel
Buying of Baosteel's steel products by domestic end-users and distributors remains steady overall, a Shanghai-based market analyst commented, while its export business is even posting stronger results, both of which prompted Baosteel to lift prices for its core products including hot coils.
But the relatively high level of steel output and wavering demand growth in certain products had tempered the steel giant's enthusiasm for making widespread price hikes, he explained.
Indeed, on the same day Baosteel announced its increases, another leading Chinese steelmaker, Ansteel Iron & Steel Group (Ansteel), headquartered in Northeast China's Liaoning province, declared that it was keeping its HRC list prices unchanged for June domestic sales. The company had earlier reduced its HRC prices by Yuan 100/t for May sales, according to Mysteel's tracking.
Neither Baosteel nor Ansteel ever disclose the actual list prices of their products in their monthly pricing policies and usually give just the margin of price adjustment, Mysteel Global notes. However, Shagang Group (Shagang), China's largest privately-owned producer headquartered in Zhangjiagang in East China's Jiangsu province, does at the start of each month.
Earlier on May 1, Shagang also chose to keep its HRC prices for May sales unchanged from April, with its list price for Q235 HRC remaining at Yuan 4,000/t and that for SPHC HRC at Yuan 4,010/t.
Though recognized for being China's largest electric-arc-furnace steelmaker, Shagang also operates several blast furnaces, the newest being a large 5,800 cu metre unit commissioned last October at its Zhangjiagang works supplied by Danieli Corus, as reported.
Source:Mysteel Global
