China Steel Corp. (CSC), China’s only integrated steelmaker, announced bigger price cuts of 5.2% on average for its products in April and May, taking its cue from the persistent downward spiral of global steel prices as decelerating economic recovery and oversupply curtail demand.
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The price reduction is the steepest over the past six months, according to the information posted on the company’s website.
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Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 450.00 ($72.02) and a low price of CNY 445.00 ($71.22) per dry metric ton. The price of Chinese HRC held steady at CNY 2,490 ($398.51) per metric ton. For the fifth day in a row, the price of Chinese coking coal remained essentially flat at CNY 1,080 ($172.85) per metric ton.
After falling 0.4% to $528.00 per short ton, the US HRC futures contract spot price reached a 30-day low. The 3-month price of the US HRC futures contract saw little price change on Wednesday at $519.00 per short ton.