It is reported that mills lately released their November ex works prices, presenting a smaller decline from the slash by Baosteel, since mainstream prices for HRC and rebar both rebounded lately along with the re warming in Shanghai electronic steel market and futures market.

On October 21st, HR price in electronic market ended up with CNY 3591 per tonne up by CNY 115 per tonne and the price already rose up by about CNY 300 per tonne in one week.

Shougang and Benxi Steel both uncovered their November ex works prices on October 21st and respectively cut HRC price by CNY 300 per tonne and CNY 180 per tonne to CNY 3360 per tonne and CNY 3510 per tonne. However the price cut is obviously lower than Baostel CNY 400 per tonne of price reduction for Nov businesses.

Besides, Anshan Steel released its Nov price last Wednesday to lower HRC prices by CNY 300 per tonne to CNY 3194 per tonne lower than present market price. Baosteel showed its Nov price policy on October 10th and slashed CNY 400 per tonne to most products, like HRC, CRC, heavy plates and ship plates.

(Sourced from MySteel.net)
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