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|China's Wisco Slashes Domestic Prices For HR Coils, Heavy Plates|
China's major integrated steelmaker Wuhan Iron & Steel Group Corp (Wisco) has slashed prices of HR coils and heavy plates in its notification of domestic price terms to local customers on the company's October shipments of various steel products, according to information made available in Tokyo. |
The price reductions are Yn500/ton (US$63) for commodity-grade HR coils such as ones for structural use, Yn600/ton (US$75) for commodity-grade heavy plates, and Yn500/ton for ship plates.
Wisco's announced price terms include a markdown of Yn200/ton (US$25) for CR sheets, a markup of Yn100/ton (US$13) for chromium-free GI sheets, and flat prices for other GI sheet products. Besides, a price increase of Yn100/ton applies to non-GO (grain oriented) electrical sheets. As to GO electrical sheets, the high-grade product is subject to a price increase of Yn500/ton, the middle-grade product to a flat price, and the low-grade product to a price reduction of Yn200/ton.
With a price reduction of Yn500/ton, it follows that Wisco's new domestic price for commodity-grade HR coils compares with the corresponding price practice of rival integrated steelmaker Anshan Iron & Steel Group Corp (Ansteel), market sources believe. Still, unconfirmed information is afloat that Ansteel has already taken the plunge and reduced the asking price by Yn200-300/ton (US$25-38) for October shipments of HR coils.
In this connection, there is a possibility that China's top integrated steelmaker Baoshan Iron & Steel Co (Baosteel) will execute a domestic price revision of HR coils in the October-December quarter, a move to adjust Baosteel's price spread with Wisco and Ansteel, market observers forecast.
|last modified : Fri 08 Sep, 2006 [10:17]|