Shagang Releases March Pricing Strategy

Shagang announced a price rise of 200 yuan a ton for wide heavy plate for shipment in the early part of March, while the prices of high-speed wire rod, rebar, coiled bar, round bar and hot rolled coil were not changed. The company raised its prices by 50 to 100 yuan for various products in the second half of February.

Some viewed Shagang's modest price adjustment this time as a turning point towards a cautious market outlook. The steel prices are unlikely to sustain high for a long time. As a price ceiling may have appeared, the chance of any big recovery in the near future is feeble.