Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for hot rolled coil (HRC) for April this year. Accordingly, the company has raised its offer prices for Q235 5.5 mm x 1,500 mm HRC by RMB 300/mt ($46/mt) to RMB 5,500/mt ($839/mt) ex-works.
In March, the producer had raised its offer prices for HRC by RMB 50/mt ($7.7/mt) to RMB 5,200/mt ex-works.
HRC futures prices at Shanghai Futures Exchange moved up by RMB 542/mt ($82.6/mt) in the month of March amid the prevailing bullish sentiment among market players.
As for April, demand for HRC is expected to be better, while production will not indicate significant rises, and in some areas like Tangshan supply will be reduced amid restrictions. It is thought that HRC prices will move at high levels, while iron ore prices may fluctuate within a limited range.