Sharp price rise by Shagang for February

SteelOrbis Shanghai On February 1, China's Jiangsu province based Shagang announced an upward adjustment to its ex-factory prices. The details are as follows: 1. Rebar prices increased RMB 140/mt ($18/mt) from the January levels. As a result, the price of 14-25 mm diameter HRB335 is now at RMB 3,300/mt ($425/mt). 2. High speed wire rod prices increased RMB 50/mt ($6/mt). Following the adjustment, the price of 6.5 mm Q235 is at RMB 3,380/mt ($436/mt). 3. HR coil prices also saw an increase from January levels, with the prices of Q235 up RMB 380/mt ($49/mt). As a result, the price of 2.00 mm x 1,250 mm x C Q235B is at RMB 4,800/mt ($619/mt), while that of 5.75 mm x 1,500 mm x C Q235B is at RMB 4,180/mt ($539/mt). Meanwhile, SPHC prices increased RMB 280/mt ($36/mt). Thus, the price of 2.00mm x 1,250 mm x C has risen to RMB 4,870/mt ($628/mt). All the above prices include 17 percent VAT. The long product prices will be effective from February 1 to February 10, while the HR prices will be in effect throughout the whole of February. Shagang is located in the Zhangjiagang port city of the province. It is one of the leading mills in the area with strong domestic and export market. The ex-factory price has been increased due to traders' stocking up as a preparation for next year. However, traders are not expected to reflect the ex-factory price increase to their prices. $1 = RMB 7.76