Shagang hikes rebar prices

SteelOrbis Shanghai Eastern China's major long steel mill, Jiangsu province based Shagang Group Co. Ltd announced the ex-factory prices for the last ten days of June on June 21. Rebar prices of the mill increased RMB 20/mt to RMB 3,600/mt ($450) including VAT, while wire rod prices remained unchanged at RMB 3,800/mt ($475) including VAT. Shagang had felt obliged to lower its rebar price by RMB 200/mt ($25) in the middle of June, because it was hard for the market to accept higher prices. Despite the increase now, Shagang is expected to offer better terms to its dealers until the end of June because of the downward trend for the current market prices.