Following Baosteel, Anshan Iron and Steel and Wuhan Iron and Steel also lowered their July steel prices in full yesterday. As market demand is still not improving, price cuts are expected.
According to the price adjustment document, in July, Anshan Iron & Steel rolled down 130 yuan/ton for hot-rolled coils, and 200 yuan/ton for medium-thick steel coils, and the cold-rolling reduction was the largest, reaching 300 yuan/ton. Pickling, chilling, and galvanizing benches also have a range of cuts.
Wuhan Iron and Steel also announced its July price policy. Hot-rolled, cold-rolled, plate, hot-dip galvanized and other major varieties are all reduced in price, and the price reduction ranges from 150-200 yuan/ton.
Together with Baosteel's price announced last week, the three major steel companies cut their ex-factory prices in July. Due to the current sluggish demand in the downstream markets such as automobiles, home appliances, and machinery manufacturing, the steel market has been weakening for nearly two months. Therefore, the price reduction is expected in the market.
However, the results of the Greek election in the weekend came up. The New Party that supports the austerity policy won the election and the macroeconomic environment was temporarily eased. In addition, the steel mills have reduced their production and the cost of capital has decreased significantly compared with the previous period. Therefore, industry insiders predict that the steel market may gain the opportunity to “take a breatherâ€. Judging from the performance of the steel spot market and the ** market yesterday, the stability is basically based.
According to the price adjustment document, in July, Anshan Iron & Steel rolled down 130 yuan/ton for hot-rolled coils, and 200 yuan/ton for medium-thick steel coils, and the cold-rolling reduction was the largest, reaching 300 yuan/ton. Pickling, chilling, and galvanizing benches also have a range of cuts.
Wuhan Iron and Steel also announced its July price policy. Hot-rolled, cold-rolled, plate, hot-dip galvanized and other major varieties are all reduced in price, and the price reduction ranges from 150-200 yuan/ton.
Together with Baosteel's price announced last week, the three major steel companies cut their ex-factory prices in July. Due to the current sluggish demand in the downstream markets such as automobiles, home appliances, and machinery manufacturing, the steel market has been weakening for nearly two months. Therefore, the price reduction is expected in the market.
However, the results of the Greek election in the weekend came up. The New Party that supports the austerity policy won the election and the macroeconomic environment was temporarily eased. In addition, the steel mills have reduced their production and the cost of capital has decreased significantly compared with the previous period. Therefore, industry insiders predict that the steel market may gain the opportunity to “take a breatherâ€. Judging from the performance of the steel spot market and the ** market yesterday, the stability is basically based.
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