Angang Steel (Ansteel), a subsidiary of Ansteel Iron & Steel Group, China’s second-largest steel producer, is raising its prices for hot-rolled carbon steel coils (HRC) by 50 yuan per tonne ($7/t) compared with the previous month for domestic sales in August.
This was reported by BigMint, citing the company’s announcement.
Earlier, steelmaker Baosteel announced a similar price increase for key flat steel products, including HRC.
Domestic prices for hot-rolled steel peaked on 11 May, according to Mysteel, trading at 3,498 yuan/t (around $516/t). However, since then (as of 14 July), they have fallen by approximately $26 per metric tonne. This is largely due to persistently low consumer demand caused by the seasonal summer lull. Major Chinese steel producers are adjusting steel prices upwards in an attempt to pull the market out of its slump.
Bengang Steel Plates, a subsidiary of the Bengang Group, has also announced a price increase of 50 yuan per tonne for hot-rolled steel for August sales.
It should be noted that Vietnamese producer Formosa Ha Tinh Steel, less than a week after its previous price cut for hot-rolled steel, offered additional discounts of $7–9 per tonne on hot-rolled steel for large orders. This applies to domestic market deliveries for August–September and is valid for large orders of 20,000 tonnes or more. Purchasing activity in the country currently remains low.
