Five northern long steel mills increase rebar prices

SteelOrbis Shanghai The five leading steel mills (Shougang, Tangshan Steel, Xuanhua Steel, Chengde Steel, and Tianjin Steel) in northern China announced their long product prices for September on August 30. Rebar prices increased RMB 30/mt ($4) month on month, but that of wire rod remained unchanged. The details are as follows: 6.5 mm diameter Q235 high speed wire rod retained RMB 3,200/mt ($402) level. 16-25 mm diameter HRB335 rebar increased to RMB 3,030/mt ($381), 12-14 mm HRB335 rebar to RMB 3,130/mt ($393), 16-25 mm diameter HRB400 rebar to RMB 3,110/mt ($391), and 12-14 mm diatemer HRB335 rebar to RMB 3,210/mt ($403). Taxes are included in the prices. This time, the price hike is quite small, but considering that those steel mills paid a subsidy of RMB 50/mt ($6) to their traders in August and cancelled it in September, the actual price increase can be accepted as RMB 80/mt ($10). China's long product market prices have begun to increase recently, and the price hike by the five steel mills in northern China will further boost up the market prices. Besides, because of the dominant position of northern market in China, the overall Chinese rebar market is expected to move further up.