China : Baosteel Keeps HRC Price Unchanged for May Deliveries

China’s major steelmaker - Baosteel has announced flat steel prices for May deliveries today. The company has kept its HRC, CRC prices unchanged.

The company’s effective rates for HRC (SS400 5.5mm*1500*C) is hovering at RMB 5,001.92/MT (USD 745/MT). All prices mentioned are inclusive of taxes.

Meanwhile prices for CRC (SPCC 1.0mm *1250*C) are at 5725.76/MT (USD 853/MT). Prices mentioned above are inclusive of taxes.

The company’s HDGI prices too remain unchanged for May deliveries.

However company increases plate prices by RMB 80/MT (USD 12) for upcoming month.

Chinese HRC prices moved up in domestic market- In the mid of the Apr’19 domestic HRC prices is hovering around RMB 3,990-4,000/MT (eastern China) which was RMB 3,840-3,860/MT (eastern China) in mid Mar’19.

The upward trend in prices was backed by the strong domestic demand and active buying.

Meanwhile Chinese govt. has cut its value added tax rate from 16% to 13% for most industries and from 10% to 9% for transport and construction sectors. Thus this may push prices upward in domestic market.