Jiangsu Province-based Chinese steelmaker Shagang Co. has announced a reduction in its construction steel prices for early May (May 1-10).
Accordingly, the prices of Shagang's main construction steel products, such as rebar and high-speed wire rod, have decreased by RMB 30-50/mt ($5-8/mt) as compared to its prices for late April (Apr. 21-30). The steel producer had also reduced its construction steel prices for late April as compared to its prices for mid-April (Apr. 11-20). For early May, the price of Shagang's HRB 400 rebar has decreased by RMB 30/mt ($5/mt), with the price of its 14-25mm diameter HRB 400 rebar now standing at RMB 3,710/mt ($597/mt),
Meanwhile, steelmakers in Jiangsu, such as Shagang, Yonggang and Zenith Steel have been stepping up their efforts to eliminate production of HRB 335 rebar and HPB 235 wire rod. The steel producers will be fully focused on production of HRB 400 and higher grades of rebar as of May this year.