China - Baosteel Slashes Flat Steel Price for January

China's major steelmaker - Baosteel has announced flat steel prices for January deliveries.The company has slashed flat steel prices by upto RMB 200-300/MT (USD 28-43) for all the flat steel products.

Last month company has cut flat steel prices by RMB 200/MT for December deliveries.

The effective rates for HRC (SS400 5.5mm*1500*C) are heard to be at RMB 4,654/MT (USD 675/MT).Prices mentioned are inclusive of taxes.

Meanwhile the company has cut CRC price by around RMB 200/MT for Jan deliveries.The effective prices of CRC (SPCC 1.0mm,-1250*C) is hovering at RMB 5,377/MT (USD 780/MT).All prices mentioned above are inclusive of taxes.

Company has also slashed HDGI and plate prices by RMB 300/MT for January deliveries.

China's domestic HRC prices decline sharply-In the beginning of Dec'18 domestic HRC prices stood at RMB 3,237/MT (Eastern China )which was 4,060-4,080/MT (Eastern China) in beginning of Nov'18.Thus nation's HRC prices witnessed sharp decline in domestic market over volatile futures and demand supply mismatch