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As expected, Baosteel has cut its 4th quarter prices and adjust to more in line with current market. SPHC 3.0mm HRC's price has changed from $512 in Q3 to $486t ($569 inc. VAT 17%) However, this price is still slightly higher than its Shanghai market price, which is around $546-559/t including 17% VAT. As for most CRC products, prices drop down by $52/t, while CQ, DQ, and DDQ grades are down $65/t. SPCC 1.0mm will be priced $594/t in Q4 ($699/t inc 17% VAT). In Shanghai market, price for SPCC1.0mm CRC stays around $611-624/t.
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