Baosteel Cuts Domestic Prices of HR Coils by 100 CNY for Dec Shipment

According to information obtained by a Japanese steel mill source, China’s Baoshan Iron and Steel (Baosteel) notifed at the end of last week its domestic prices of steel products for December shipment to each customer.

It is reported at present that its prices of hot-rolled (HR) steel coils as rolled, HR coils pickled and so on are lowered by 100 CNY (US$14) each while those of downstream products from cold-rolled (CR) steel sheets and below seem to have remained mostly unchanged.

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+ Leading galvanized steel coils suppliers in Vietnam

The company raised its prices of grain-oriented (GO) electrical steel sheets by 800 CNY ($111) and left those of other steel products unchanged for October shipment. And, it raised those of electro-galvanized steel sheets by 100-200 CNY ($14-28) and left those of others unchanged mostly for November shipment. It seems to have continued levelling of of prices to stave of a fall in prices.

This time, the company reduced its prices of hot-rolled steel products including HR coils, steel plates and so on by 100 CNY. As the competition of various steel mills in China is becoming severe toward the end of the year, it is likely to become an environment for them to be difcult to sell products without a decrease in prices. It is reported that the novel coronavirus infection is increasing in various cities, and city-lockdowns are introduced.

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Accordingly, logistics are stagnated, and the economic activities are reported to be slowing down. As a result, demand for steel products is likely to be so worsened although the Government is partly investing in infrastructures.

It is usual that the market prices fall in December, and this time as well, they will also to fall. The source is observing that above are Baosteel’s countermeasures in prices against being less in demand for the
year-end dark market.

In Taiwan, Baosteel’s levelling of of prices of CR, galvanized and hot-dip galvanized steel sheets is said to be welcomed. Attention is paid to how Formosa Ha Tinh Steel (Vietnam steel manufacturers) reacts to Baosteel’s pricing.

Incidentally, Baostee’s prices of HR coils as rolled and HR coils pickled are lowered by 100 CNY each for December shipment while those of CR, electro-galvanize and hot-dip galvanized zinc coated steel coils remain unchanged. However, those of electro-galvanized sheets for non-automotive uses are lowered by 100 CNY.

Those of collared steel sheets are lowered by 100 CNY while those non-oriented electrical steel sheets to low grades are also lowered by 100 CNY but those of such products to other grades remain unchanged. Its prices of GO electrical sheets to low grades are raised by 300 CNY ($42), and those of such products to other grades remain unchanged. Those of galvalume steel coils suppliers are likely to be also lowered by 100 CNY.

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