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Chinese Steelmakers Slash August Prices, Reflecting Weakened Market Confidence
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2022-08-22
In China, Baosteel, Ansteel and Benxi Steel slashed the August steel prices by RMB 100 to 500 per ton. Ansteel and Benxi Steel lowered the wire rod price by RMB 400 to 500 per ton, a greater drop than expected.
Taiwan CSC chairman Chao-Tung Wong said it reflects that resumption of work after Shanghai's lockdown didn't pan out as expected, as well as a fact that there is weakened market confidence. China is being confronted with the stress of economic contraction, and therefore, is supposed to roll out infrastructure plans quicker to bring demand back on a growth track. He said some of the Chinese steelmakers have begun plans to lower production to reduce deficits and cope with carbon reduction, so there will be a better balanced supply and demand. Coking coal price has dropped from the peak to USD 260 per ton. Iron ore price is also down to USD 110 per ton, taking some cost pressure off the shoulders of steelmakers. Steel prices are expected to be back in a reasonable price range after adjusting supply and demand. Executive Vice President of Taiwan CSC expects the prices will bottom up from August and that there is room for a September price rise for Baosteel.
中國大陸鋼價
市場信心疲弱
下跌
中鋼
Chinese steelmakers quotations
weakened market confidence
plunge
Taiwan CSC
