China- Baosteel Slashes HRC Price by RMB 100/MT for October Deliveries

China's major steelmaker Baosteel- released its monthly steel prices today. The company has reduced its HR Coil and Heavy Plates prices by RMB 100/MT (USD 14.05/MT) in its Baoshan, Meishan, and Dongshan base for Oct deliveries.

After revision company's effective prices for HRC (SS400 5.5mm*1500*C) stood at RMB 4,816/MT (USD 676.73/MT) for Oct deliveries. All prices mentioned above are inclusive of taxes.

Meanwhile, the company also reduces heavy plate prices only in Baoshan and Dongshan base by RMB 100/MT.

However, the company raised its plain carbon CR Coil and HDGI prices in its Baoshan, Meishan, Qingshan, and Dongshan base by RMB 100/MT for October deliveries.

Prior to this, last month Baosteel had increased its steel prices by around RMB 50-150/MT for September deliveries.

Domestic HRC prices reduce further over volatile futures- Domestic HRC prices at the beginning of Aug'19 stood around RMB 3,810-3,820/MT (Eastern China) witnessed a significant decline by RMB 110-120/MT and stood at RMB 3,690-3,710/MT at the beginning of Sep'19.

Chinese HRC prices continued to show a downturn on tepid demand and volatile futures hovering in the spot market. Further possibility of lenient production curbs in the Tangshan region and depreciation of Yuan against USD showed a downtrend in Chinese steel prices.