On August 25 and on August 28, Shandong Province-based Chinese steelmaker Laiwu Steel announced respective downward adjustments of RMB 590/mt ($86/mt) and RMB 40/mt ($6/mt) to its rebar ex-works prices with immediate effect.
Following the two adjustments, the producer's new price of 16-25 mm HRB 335 stands at RMB 3,660/mt ($535/mt).
The above price includes 17 percent VAT.
US$1 = RMB 6.84