Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil for October this year.
Accordingly, the company has raised its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 300/mt ($42/mt) to RMB 3,800/mt ($535/mt) ex-works.
In September, the producer had cut its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 200/mt ($28/mt) to RMB 3,500/mt ($493/mt) ex-works.
After China recently issued several stimulus policies, market sentiments improved significantly ahead of the National Day holiday, while downstream users also built up stocks, which firmly bolstered HRC prices. However, export volumes may indicate declines in October, while consumption of HRC may not match the increasing production volumes, which would exert a negative impact on prices in the future.