SHANGHAI, May 11 (SMM) - SMM data showed that the average cost of steel mills dropped 59 yuan/mt MoM in April.
Steel prices went down, with the average price falling 183 yuan/mt MoM. HRC (-232 yuan/mt), rebar (-267 yuan/mt) and wire rod (-279 yuan/mt) led the decline.
On average, steel mills suffered a loss of 74 yuan/mt in April, compared with profit of 28 yuan/mt in March. This was mainly due to severe losses of rebar (135 yuan/mt), CRC (231 yuan/mt) and galvanized sheet (260 yuan/mt). There was slim profit for HRC and wire rod. Medium-thickness plates outperformed, with profits of 109 yuan/mt.
In May, steel mills' profits may shrink further due to falling steel prices.
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