On September 2, Hebei Province-based major Chinese steelmaker Hesteel has issued its list prices for all long steel items for the current September 1-10 period.
Accordingly, for the given period, Hesteel will hold its current offer prices for high-speed wire rod at RMB 4,520/mt ($637.7/mt), while decreasing its offer prices for rebar and bar-in-coil by RMB 120/mt ($17.0/mt) and RMB 100/mt ($14.1/mt) to RMB 3,910/mt ($551.6/mt) and RMB 4,110/mt ($579.8/mt), respectively.
Hesteel’s price changes follow the decision of Shagang Group to cut prices for its main long steel products by $23-35/mt for early September. Hesteel is also downbeat on the prospects for the rebar market, while being a bit more optimistic for the wire rod segment.