Shagang cuts local wire rod and bar-in-coil prices by $21/mt for mid-Dec, rebar stable

Wednesday, 11 December 2019 14:01:38 (GMT+3)   |   Shanghai
       

Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for December 11-20. Accordingly, the company has cut its offer prices for high-speed wire rod and bar-in-coil by RMB 150/mt ($21.3/mt) to RMB 4,270/mt ($606.6/mt) and RMB 4,310/mt ($612,3/mt), respectively, while it has kept its offer prices for rebar unchanged at RMB 4,210/mt ($598.1/mt). All prices are on ex-works basis.

The producer had raised its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 50/mt in the previous period, i.e., December 1-10.

Spot rebar prices in the Chinese domestic market edged down in early December as cautious sentiments started to prevail among market players, decreasing by RMB 223/mt ($31.8/mt) as of Tuesday, December 10, to RMB 4,067/mt ($578/mt) ex-warehouse compared to November 29, according to SteelOrbis’ data.

Shagang Group’s price policy reflects the mill’s negative view of the prospects for long steel demand in mid-December amid colder weather conditions.

Nevertheless, rebar futures prices increased by RMB 40/mt ($5.7/mt) or 1.1 percent on Tuesday from Monday, amid the expected infrastructure boom owing to stronger governmental support.

$1 = RMB 7.0385


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