Posted on 13 Apr 2022
Baoshan Iron & Steel Co (Baoshan Steel), the listed-arm of the world's largest steelmaker China Baowu Steel Group, has decided to keep its carbon steel hot-rolled coil (HRC) list prices unchanged for domestic sales in May, according to a release posted on its official WeChat account on Monday night. Before the latest adjustment, the Chinese steel giant had lifted its HRC list prices for two months, Mysteel Global noted.
"Both domestic hot coil production and demand have been affected by the COVID-19 spread in many regions and the disruption it is causing to logistics," a Shanghai-based analyst said.
As of April 6, Mysteel's survey among the 37 Chinese flat steel mills it samples showed that their HRC inventories had grown by 11,800 tonnes on week to 946,600 tonnes.
Meanwhile, HRC output saw some recovery as the pandemic situation in North China has eased moderately, allowing some mills to resume production. HRC output among the 37 surveyed mills increased by 121,300 tonnes on week to a two-month high of 3.2 million tonnes by April 6, according to Mysteel's data.
China's national price of Q235 4.75mm HRC was assessed by Mysteel at Yuan 5,245/tonne ($823/t) including the 13% VAT as of April 11, up by Yuan 74/t on month.
Other than HRC, Baoshan Steel will continue rolling over its list prices of carbon steel plate, pickled and oiled coils, cold-rolled coil, electro-galvanized steel, hot-dipped galvanized steel, grain oriented electrical steel and non-grain oriented electrical steel, according to the release.
Source:Mysteel Global
