After Baosteel has announced price rise on September 14th 2010, Wugang steel followed the trend too on September 15th 2010.
As shown by Wugang’s October pricing plan, the prices of hot rolled coil and cold rolled coil will be increased by CNY 100 per tonne, galvanized steel price will be increased by CNY 200 per tonne, while prepainted steel price and silicon steel price will be creased by CNY 400 per tonne.
Compared to the average rising level of CNY 200 to CNY 300 by Baosteel, Wugang’s pricing policy seems to be more reserved and too prudent.
The hesitation expressed by Wugang’s pricing policy is just the reflection of whole market, which is still haunted by weak demand and repetitive rise and fall.
However, the falling back of China’s steel price in the last 4 days (September 14 to September 17) is indeed unexpected by all parties related to steel market.
Rebar
20mm
HRB 400
| Location | CNY | USD | % |
| Beijing | -96 | -14 | -2.1% |
| Changsha | -20 | -3 | -0.4% |
| Chengdu | -40 | -6 | -0.9% |
| Chongqing | -100 | -15 | -2.1% |
| Fuzhou | -149 | -22 | -3.3% |
| Guangzhou | -50 | -7 | -1.1% |
| Guiyang | -64 | -10 | -1.3% |
| Hangzhou | -154 | -23 | -3.2% |
| Harbin | -70 | -10 | -1.6% |
| Hefei | -230 | -34 | -4.8% |
| Jinan | -90 | -13 | -2.0% |
| Kunming | -50 | -7 | -1.1% |
| Lanzhou | -99 | -15 | -2.1% |
| Nanchang | -50 | -7 | -1.1% |
| Nanjing | -150 | -22 | -3.2% |
| Shanghai | -50 | -7 | -1.1% |
| Shenyang | -20 | -3 | -0.5% |
| Shijiazhuang | -100 | -15 | -2.2% |
| Taiyuan | -30 | -4 | -0.6% |
| Tianjin | -96 | -14 | -2.1% |
| Urumchi | 0 | 0 | 0.0% |
| Wuhan | -130 | -19 | -2.8% |
| Xian | -92 | -14 | -2.0% |
| Zhengzhou | -86 | -13 | -1.9% |
| Average | -84 | -12 | -1.8% |
Change is as on September 17th as compared to September 13th 2010
WE understand that that reversal in steel price in the last 4 days is closely connected to the rumor that steel enterprises in Hebei province will resume production. The rumor goes like the following “As stimulated by the previous sharp surge of steel price, some steel enterprises which has suffered losses will resume production now to make profits and restore financial balance.”
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