Jiangsu Shagang Group, China's largest privately owned steelmaker, said Thursday that it had decided to lower domestic hot-rolled coil prices by Yuan 150/mt ($24/mt) for February.
Shagang's ex-works price for Q235 5.5 mm thick HRC 1,500 mm width coil will fall to Yuan 4,250/mt, including 17% VAT, and SPHC 4.0mm thick 1,250 mm width coil to Yuan 4,280/mt, including 17% VAT.
However, these are the guided prices for the month and the final prices would be announced at the end of February, a source with Shagang said.
"It is hard to say whether the final prices would be higher or lower as the current sentiment for flat steel is mixed," a Shanghai-based trader source said.
Shagang is offering SS400 3-12 mm thick HRC for export at $615/mt FOB China for shipment in March.
