Major Chinese steelmaker Baosteel has issued its prices for carbon steel flat products for delivery in August this year.
The producer has decided to cut its local base prices by RMB 100/mt ($14/mt) for hot rolled coil (HRC), steel plate, cold rolled coil (CRC), acid pickling plate, grain-oriented silicon steel, non-grain-oriented silicon steel, and medium-aluminum zinc aluminum magnesium, while keeping local base prices stable for hot dip galvanized (HDG), galvalume, high-aluminum zinc aluminum magnesium, and pre-painted galvanized iron (PPGI), all for delivery in August.
Baosteel decided to cut its base prices for delivery in August mainly due to the pressure from the traditional offseason in the domestic market and the difficult situation in the export market. At the same time, production has been at relatively high levels, resulting in the increasing inventories, also exerting a negative impact on steel prices in August.