On September 1, Jiangsu Province-based Chinese steelmaker Shagang Group announced upward adjustments to its long steel product prices, effective for September 1-10. The details are as follows:
1. Rebar prices have been increased by RMB 100 ($14/mt). Thus, the steelmaker's price for 14-25 mm HRB 335 rebar is RMB 4,230/mt ($622/mt), while its price for 16-25 mm HRB 400 rebar is RMB 4,350/mt ($639/mt).
2. High speed wire rod prices have risen by RMB 70/mt ($10/mt). As a result, the new price of 6.5 mm Q235 common carbon high speed wire rod is RMB 4,350/mt ($639/mt).
3. The prices of rebar in coils have increased by RMB 70/mt ($10/mt). As a result, the price of 8 mm Q235 rebar is RMB 4,450/mt ($654/mt).
All the above prices are ex-mill, include 17 percent VAT and are effective from September 1.
US$1 = RMB 6.80