Metalnewsnet 8 Feb:

After BaoSteel and Hebei Iron & Steel announced unchanged steel pricing policy, Wugang released steel prices for March in February 3rd. Similarly the prices of major varieties such as HR, CR, Oriented silicon steel and profile all remain unchanged.

Back in February, BaoSteel announced that it would not change prices whereas Hebei Iron and Steel decreased EXW prices of HR and CR.

Analysts said because of high inventories, week demands and approaching Chinese New Year, steel market will continue to see adjustments in short term. Statistics show that the total inventories of rebar, WRC, HRC, CR and plate of main markets is 13.6 million tonne, far higher than the same period last year. Thus steel mills’ pricing policies for next month are still under enormous pressure.

Insiders said although there are loan squeeze rumors, liquidity class loan to steel industry will not be affected.

(Sourced from www. steelprices-china.com)