This decision reflects growing demand and the need to replenish stocks

Baosteel, a subsidiary of China’s largest steelmaker China Baowu Steel Group, has announced an increase in hot rolled coil (HRC) prices by 100 yuan/t ($13.8/t). This is reported by Steel Radar.

This decision reflects the growing demand and the need to replenish stocks.

In addition, steel production is expected to decline next month due to the shutdown of steel mills for maintenance. This may support steel prices to some extent by affecting the supply and demand balance.

Baosteel will also raise prices for cold-rolled coils by 100 yuan per tonne for sales in December this year. In addition, the company announced an increase in other list prices, including for sheet steel and color coated coils by 50 yuan per tonne.

As of November 10, 2023, the price of 4.75 mm Q235 hot-rolled coil in China stood at 3,974 yuan per tonne ($548.4), the highest level in the last month and a half.

As GMK Center reported earlier, Chinese steel companies in January-October 2023 increased exports of steel products by 34.8% compared to the same period of 2022 – up to 74.73 million tons. The import of steel to the country for 10 months was 6.37 million tons, which is 30.1% less compared to the same period of 2022. The average export price in October was $792/t, which is 2.7% less m/m, the average import price was $1517.1/t, down 7.1% compared to September.