On September 1, Jiangsu Province-based Chinese steelmaker Shagang made downward adjustments to its ex-factory longs prices for September. The details are as follows:
1. Rebar prices are down RMB 400/mt ($59/mt) from late August levels. As a result, the price of 18-25 mm diameter HRB 335 is now at RMB 3,800/mt ($556/mt), while that of 18-25 mm diameter HRB 400 is at RMB 3,920/mt ($574/mt).
2. High speed wire rod prices have decreased by RMB 400/mt ($59/mt). Thus, the new price of 6.5 mm Q235 is at RMB 3,800/mt ($556/mt).
The above prices include 17 percent VAT and are effective from September 1 to September 10.
$1 = RMB 6.83