Northern China mills hike ex-factory prices of longs

SteelOrbis Shanghai On May 30, the five leading long steel makers (Shougang, Tangshan Steel, Xuanhua Steel, Chengde Steel and Tianjin Steel) in northern China held a meeting to determine the ex-factory prices in June. As a result of the meeting, the price of high speed wire rod increased RMB 330/mt ($41) and 6.5 mm Q235 high speed wire rod price for Beijing market reached RMB 3,550/mt ($418). Meanwhile, rebar prices increased RMB 200/mt ($25), and the price of 16-25 mm HRBB335 rebar for Beijing market reached RMB 3,300/mt ($411), while that of 16-25 mm HRB400 reached RMB 3,400/mt ($424). Northern China is currently the main long products market of China, and the five steel mills in Northern China are the main determinants of the price trend for China's long products. The price increase will impel other steel mills to hike their ex-factory prices, while it will also boost the market prices.