On August 22, major Chinese steelmaker Hebei Province-based Hesteel (formerly known as Hebei Iron and Steel) issued its list prices for all long steel items for the current August 21-31 period. Accordingly, its current offer prices for high-speed wire rod, rebar and bar-in-coil are RMB 4,520/mt ($641.1/mt), RMB 4,030/mt ($571.6/mt) and RMB 4,210/mt ($597.2/mt) ex-works, all down RMB 100/mt ($14.2/mt) from its prices in the previous 10-day period.
Unlike Shagang Group which has kept its prices stable for high-speed wire rod, rebar and bar-in-coil, Hesteel has decreased its prices for the products in question because of the gloomy outlook on the future prospects for the rebar and wire rod market.