Baosteel, China's leading steel producer, has maintained its current prices for flat steel products in the domestic market for June, continuing its cautious pricing strategy for the third consecutive month. The only price increase this year occurred in February for March sales, when rates rose by 100 yuan per tonne ($14 per tonne) in anticipation of peak demand.
Other major steelmakers in China, Taiwan, and Japan are expected to announce their pricing soon, and Baosteel’s decision could influence the broader market. Chinese hot-rolled coil prices remained stable at $470/t FOB in late April, following months of decline since October 2024. Recent May futures for hot-rolled steel on the Shanghai Stock Exchange rose by $7, reaching $446-449/t.
Despite these developments, traders do not expect a long-term price rebound, as no major economic decisions were made during the April 25 meeting of the CPC Politburo. Meanwhile, China continues efforts to regulate steel production to balance supply and demand, with the China Iron and Steel Association emphasizing production control as a key stabilization measure.
