Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for September 1-10. Accordingly, the company has cut its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 180/mt ($25.4/mt), RMB 160/mt ($22.6/mt) and RMB 250/mt ($35.3/mt), to RMB 3,970/mt ($560.1/mt), RMB 4,010/mt ($565.7/mt) and RMB 3,720/mt ($524.8/mt), respectively. All prices are on ex-works basis.
The producer had kept its prices for high-speed wire rod, bar-in-coil and rebar stable in the previous period of August 21-31.
Shagang Group’s price policy signals a possible downward movement of the Chinese long steel market in September, while reflecting the ongoing negative demand situation in China.
