Metalnewsnet 23 Apr ：

It is reported that Angang Steel Co Ltd sagged by 2.04% in stock market recently closing at CNY 10.07 per share.

Angang, the member of Anshan Iron and Steel Group recently issued its May price policy, raising prices of wire rod, HR products and medium plate by CNY 500 per tonne, CNY 300 per tonne and CNY 450 per tonne respectively while remaining unchanged for CR products.

This round of price lift could still be interpreted as a move to pass the cost growth on the market and meanwhile based on real market demand, according to a related institution. Keeping CR product price unchanged, for instance, is reflecting that the auto sheet market, the prevailing market for CR products, is not much active at present.

India-sourced concentrate with 63.5% Fe is offered at USD 180 per tonne in spot market, close to USD 200 per tonne the highest level of history created in the 2Q of 2008.

Insiders believed that the potential profit for steel mills at current stage can be held at CNY 300 per tonne to CNY 400 per tonne, sounding not bad though less than their ex works price rise considerably.

Yet in downstream market, the continuous and significant raw material price growth has weighted consumers too much and made them more hesitate to put money into steel market, although demand truly exists.

( from MySteel)