SteelOrbis Shanghai
On February 27, Shougang announced its longs prices for March, making a sharp upward adjustment of RMB 500-520/mt ($70-73/mt) from February levels. The details are as follows:
1. Wire rod prices have increased RMB 520/mt ($73/mt). Thus, the price of 6.5 mm diameter Q235 high speed wire rod is now at RMB 4,850/mt ($679/mt).
2. Rebar prices have risen by RMB 500/mt ($70/mt) compared with February. Following the adjustment, the new ex-factory price of 16-25 mm diameter HRB 335 rebar is RMB 4,830/mt ($676/mt), while the price of 12-14 mm is RMB 4,980/mt ($697/mt). 16-25 mm diameter HRB 400 rebar costs RMB 4,980/mt ($697/mt) and 12-14 mm is now at RMB 5,130/mt ($718/mt).
All the above prices include 17 percent VAT and are effective as of March 1, 2008.
$1 = RMB 7.14