Shagang announces price hike

SteelOrbis Shanghai On June 11, Shagang, the leading steel mill in eastern China, published the ex-factory prices for the ten days in the middle of June. The price adjustments compared to the previous increase in the beginning of the month are as follows: 1. Rebar prices increased by RMB 200/mt ($25). The ex-factory price of 14-25 mm dia. HRB335 rebar reached RMB 3,580/mt ($447). 2. Wire rod prices increased by RMB 200/mt ($25). The ex-factory prices of 6.5 mm dia. Q235 high speed wire rod reached RMB 3,800/mt ($474). VAT is included in the prices, which are in effect between June 11 and June 20, 2006.