US has high inventory of cold rolled steel sheet

Last week, China domestic major steel producers – Baogang, Wuhan Steel, and Anshan Steel, issued their steel policy for October production. After the adjustment, prices of hot rolled coil, ex-mill, maintained stable; prices of cold rolled steel sheet of Anshan Steel dropt CNY50/mt；prices of acid picking steel and galvanized steel commonly slipped CNY80-200/mt. Flat steel producers and traders are pessimistic to future market, amid the continue sluggish performance in downstream industries, such as automobile, mechanism, ship building etc.

 

Construction steel enterprises generally reduced their prices. In the Eastern China, which dominated by Shagang, Yonggang, Zenith Steel reduced prices of Middle September production products by CNY 20-50/mt; Wuhan Steel in the Mid-South region of China, Shougang Changzhi in the North China, and Chengshi Steel all reduce their ex-mill prices by CNY50-100/mt.

 

In October this year, China steel exports is in downtrend, mainly because of price inversion of steel rebar. Currently, ex-China hot rolled coil offers are at $275/mt FOB, and that of steel rebar are around $275/mt. Besides, market sources reveled that Chinese deformed steel bar has been flooding into South Korea market this year.


www.boxingwww.com