Global price watch

Dec 11, 2008 | 10:18 AM |

Wuhan Iron & Steel Co. Ltd. has lowered its list prices by up to 400 yuan ($58) per tonne for January production, according to market sources. China's fourth-largest steel mill is cutting cold-rolled coil by 120 yuan ($17.50) per tonne to 3,590 yuan ($524) per tonne, hot-dipped galvanized coil by 350 yuan ($51) per tonne and plate by 400 yuan ($58) per tonne, traders said.

Its hot-rolled coil price will be unchanged at 3,140 yuan ($458) per tonne. A Wuhan Steel sales executive declined to confirm the prices, but acknowledged that new list prices have been released to its trading agents. The changes leave the mill's new list prices much lower than current spot market prices, a trader in Shanghai said. Hot-rolled coil transactions were around 3,500 yuan ($511) per tonne in the Shanghai market this week vs. 3,500 to 3,580 yuan per tonne last week, while cold-rolled coil transaction prices have fallen to 4,100 yuan ($598) per tonne from 4,150 to 4,200 yuan per tonne. The mill also is....

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