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.
The price reduction is the steepest over the past six months, according to the information posted on the company’s website.
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.