The company has decided to cut its list prices for hot rolled coil (HRC) carbon steel by 200 Yuan/tonne ($28.8/t) for domestic sales in June, after lowering its list prices for May sales, according to the newly published pricing.
As usual, Baosteel did not disclose list prices for individual products in its monthly pricing policy, only the price adjustment margin.
The steel giant's latest price cut affected the softening of spot HRC prices in the domestic steel market. As of 10 May, China's national Q235 4.75mm HRC price was assessed at 3,934 Yuan/t including 13% VAT, down by 351 Yuan/t on a monthly basis.
The iron ore index for SEADEX 62% Australian Ore decreased by $12.3/dmt since 10 April to stand at $106.7/dmt CFR Qingdao as of 10 May.
In addition to HRC, Baosteel cut list prices of carbon steel plate, pickled and oiled coil, cold rolled coil, hot-dip galvanised steel, electro-galvanised steel and non-grain electrical steel by 200 yuan/t for June sales.
Meanwhile, the company's list prices for colour-coated coil were cut by 150 Yuan/t. According to the statement, the company kept the list prices of grain-based electrical steel unchanged for June domestic sales.
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