On September 14, Liaoning Province-based Chinese steelmaker Angang announced its ex-factory prices for flat steel products for October, making strong downward adjustments. The details are as follows:
1. Hot rolled prices have decreased by RMB 450/mt ($66/mt) compared to the levels for September. Thus, the price of 5.5 mm x 1,500 mm Q235 is RMB 3,030/mt ($444/mt), while that of 5.5 mm x 1,500 mm SPHC is RMB 3,080/mt ($452/mt).
2. Cold rolled prices have dropped by RMB 480/mt ($70/mt) compared to September levels. As a result, the price of 1.0 mm ST12 cold rolled sheet is now at RMB 4,290/mt ($629/mt).
3. Prices of galvanized coils have moved down by RMB 480/mt ($70/mt). Thus, the new price of 1.0 mm x 1,000 mm ST01Z is at RMB 4,350/mt ($637/mt).
4. Color coated prices have declined by RMB 300/mt ($44/mt). As a result, the new ex-factory price of 0.5 mm x 1,000 mm TDX51D+Z is RMB 5,300/mt ($777/mt).
5. Medium plate prices are down by RMB 480/mt ($70/mt). Following the adjustment, the ex-factory prices of 20 mm Q235B are now at RMB 3,020/mt ($443/mt).
6. Silicon steel prices have gone down by RMB 200/mt ($29/mt).
All the above prices exclude 17 percent VAT and are effective from September 14, 2009.
$1 = RMB 6.82