On November 21, major Chinese steelmaker Hebei Province-based Hesteel issued its list prices for all long steel items for the November 21-30 period.
Accordingly, for the period in question, Hesteel has increased its current offer prices for rebar by RMB 200/mt ($28.5/mt) to RMB 3,980/mt ($567/mt), while it has raised its offer prices for high-speed wire rod and bar-in-coil by RMB 170/mt ($24.2/mt) to RMB 4,340/mt ($618.2/mt) and RMB 4,140/mt ($589.7/mt), respectively. All prices are on ex-works basis.
Hesteel’s price changes come after the decision of Shagang Group to raise its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 150/mt, RMB 150/mt and RMB 300/mt for the given period. The increase is contributed to unusually high demand for longs in eastern China and production restrictions in northern China.