Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for January 11-20. Accordingly, the company has cut its offer prices for rebar, high-speed wire rod and bar-in-coil by RMB 80/mt ($11.6/mt) to RMB 3,880/mt ($560.2/mt), RMB 3,890/mt ($561.6/mt) and RMB 3,930/mt ($567.4/mt), respectively. All prices are on ex-works basis. The producer had previously kept its offer prices for high-speed wire rod and bar-in-coil stable for the January 1-10.
Rebar prices in the Chinese domestic market have edged up due to stock replenishment ahead of the holiday, increasing by RMB 56/mt ($8.1/mt) on Friday, January 10 to RMB 3,883/mt ex-warehouse compared to December 31, according to SteelOrbis’ data. Rebar futures prices decreased by RMB 16/mt ($2.3/mt) or 0.45 percent on Friday from Thursday.
Shagang Group’s price policy reflects the steelmaker’s more negative view of the prospects for long steel demand in mid-January against the backdrop of the approaching Chinese New Year holiday.
$1 = RMB 6.9263