Hebei Steel cuts November prices

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Oct 2009

The Heibei Iron and Steel Group announced it is to cut the ex-factory prices of some products in November, with wire rod and screw steel down by 50 yuan/ton, hot-rolled coils down by 150 yuan/ton, cold-rolled coils down by 200 yuan/ton and medium plates down by 50 yuan/ton.
But these are smaller cuts than some rivals have made. Earlier, Baosteel and Angang Steel have cut their ex-factory prices of some products by as much as 400 yuan/ton or 300 yuan/ton respectively.
The previous phenomenon of ex-factory prices exceeding market prices has disappeared.
The new price policies of Heibei Iron and Steel will start on November 1. The price cuts include wire rod products down by 50 yuan/ton to 3,350 yuan/ton; screw steel down by 50 yuan/ton to 3,500 yuan per ton; hot-rolled coils down by 150 yuan/ton to 3,500 yuan/ton; cold-rolled coils down by 200 yuan/ton; and medium plates by 50 yuan/ton.
Hebei Steel's total output in 2008 was 33 million tons, ranking second in China and the fourth in the world. Its listed arms include Tangshan Steel and Handan Steel.

Source: Chinamining