Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for August 1-10. Accordingly, the company has increased its offer price for rebar by RMB 100/mt ($14/mt) to RMB 3,970/mt ($557/mt), while it has raised its price for debar-in-coil by RMB 50/mt ($7/mt) to RMB 4,150/mt ($582/mt). All prices are on ex-works basis.
For the July 21-31 period, the producer had cut its offer prices for rebar by RMB 100/mt ($14/mt) to RMB 3,870/mt ($541/mt).
As of July 31, the average rebar price in the Chinese market was standing at RMB 3,833/mt ($538/mt) ex-warehouse, rising by RMB 66/mt ($9.3/mt) or 1.75 percent from July 20, according to SteelOrbis’ data. Rebar futures prices indicated an uptrend in the given period, exerting a positive impact on rebar prices in the spot market. The market has also received support from the recent announcement by the Chinese government that it will ease restrictions for the real estate market.
As of July 31, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,847/mt ($540/mt), rising by RMB 63/mt ($8.8/mt) or up 1.7 percent since July 20, while increasing by 0.16 percent compared to the previous trading day (July 30).
Prices include 13 percent VAT.
$1 = RMB 7.1283