Shandong Province-based Chinese steelmaker Shandong Iron and Steel Company Ltd has issued its prices for delivery in September this year.
The producer has decided to cut its local base prices by RMB 100/mt ($14/mt) for hot rolled coil (HRC), cold rolled coil (CRC), acid pickling plate, hot dip galvanized (HDG), sections, special steel and hot rolled ribbed steel bars, while cutting its local base price for steel plate by RMB 150/mt ($21/mt), all for delivery in September.
The shift in production standard for rebar and wire rod has resulted in prevailing bearish sentiments among market players, while demand has remained sluggish, both of which affected sentiments among Chinese steelmakers.