Angang Steel Co (Ansteel), the Shenzhen-listed arm of China's second-largest steelmaker Ansteel Iron & Steel Group, has decided to mark up the list prices of its carbon steel hot-rolled coils (HRC) by Yuan 50/tonne ($7.4/t) for domestic sales in August, according to the company's latest announcement on July 13.
Three days earlier, Baosteel, the listed arm of the world's top steelmaker China Baowu Steel Group, had also declared it was raising the list prices of its major steel flats, including HRC, by Yuan 50/t for domestic sales in August, as Mysteel Global has reported.
After domestic hot coil prices peaked on May 11 at Yuan 3,498/t under Mysteel's assessment, they have since fallen by Yuan 179/t or around $26/t, mainly due to persistently weak demand among end-users in the on-going summer lull. By July 14, the national spot price of Q235B 4.75mm HRC was at Yuan 3,319/t including the 13% VAT.
Against this backdrop, major Chinese steelmakers are adjusting upward their steel prices, hoping to bottom-out the domestic steel market, as reported.
Meanwhile, Bengang Steel Plates Co, the Shenzhen-listed arm of Bengang Group and another leading flat-steel producer based in Liaoning, is also nudging up its HRC list prices for August sales by Yuan 50/t, it announced on Monday.
Source:Mysteel Global
