Stimulated by good performance of electronic stock, the prices of cold rolled (CR) steel have increased slightly in Shanghai market in today’s early morning
However, the deal volume has remained flat and the high-price material was still unfavorable. In addition, as Wuhan Iron and Steel Corp. (Wisco) decided to cut the prices of hot rolled and cold rolled steel by RMB200/ton. Buyers have taken wait-and-see attitude towards the market.
Furthermore, as the major steel mills are not willing to reduce the production, the supply might exceed the demand.
Consequently, it has been seen that the CR prices might remained flat in Shanghai market in the near future.
( Source: www.yieh.com )