Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for August 11-20. Accordingly, the company has cut its offer prices for rebar and debar-in-coil by RMB 100/mt ($14/mt) to RMB 3,870/mt ($541/mt) and RMB 4,050/mt ($566/mt), respectively. All prices are on ex-works basis.
For the August 1-10 period, the producer had raised its offer prices for rebar by RMB 100/mt ($14/mt) to RMB 3,970/mt ($552/mt), while it had increased its prices for debar-in-coil by RMB 50/mt ($7/mt).
As of August 10, the average rebar price in the Chinese market was standing at RMB 3,750/mt ($538/mt) ex-warehouse, decreasing by RMB 83/mt ($11.6/mt) or 2.2 percent from July 31, according to SteelOrbis’ data. Rebar futures prices indicated a downward trend in the given period, exerting a negative impact on rebar prices in the spot market.
As of August 10, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,671/mt ($513/mt), declining by RMB 176/mt ($24.6/mt) or down 4.6 percent since July 31, while decreasing by 0.51 percent compared to the previous trading day (August 9).
Prices include 13 percent VAT.
$1 = RMB 7.1587