Baoshan Iron & Steel of China announced on Thursday the firm left the flat steel selling price unchanged for domestic market for May shipment. The firm keeps the price for 2 months in a row while some observers expected price hike to improve the profitability under high raw materials cost. The firm apparently buys time to watch the market condition when the market price is still low.
The firm left the price unchanged for hot, picking, cold galvanizing and colored flat steel and steel pipe for May and June. The firm reduced the price by 200 yuan per tonne for galuvalume and non oriented electrical steel. The group company of Shanghai Meishan Iron & Steel reduced the selling price by 200 yuan for cold rolled flat steel and by 50 yuan for galuvalume. Baosteel increased the hot rolled flat steel price in March, which was the first price hike in 5 months. The attempt pushed the market price temporarily but the market price is again slow in April. The demand is slow due to financial squeeze.Japan Steel Scrap Composite Prices (Sangyo Press)
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