Chinese Shagang to remain steel prices unchanged due to soft demand
According to the reports, Chinese biggest private steel mill, Jiangsu Shagang Group Company Limited, announced to remain its steel prices flat for long products in the middle of March due to soft demand.
Shagang is one of Chinese top-five steel producers with annual capacity about 23 million tons.
During early March, Shagang expected the peak spring season would reduce stock amount then to hike its prices slightly by RMB50 per tons. However it seemed that the peak season has not yet come and was not able to support the spot prices.
In order to restrain the steel price, National People's Congress of China released the tax reduction and other policies for supporting the economy and less replying on infrastructure.
