Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for May 21-31. Accordingly, the company has cut all its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 300/mt ($46.5/mt) to RMB 6,010/mt ($932/mt), RMB 6,100/mt ($946/mt), and RMB 5,850/mt ($907/mt), respectively. 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 600/mt for May 11-20. The reduction in long steel prices by Shagang Group is due to the sharp decline in spot prices in China over the past week and much lower demand due to the rainy weather.
As of May 20, the average rebar price in the Chinese market was standing at RMB 6,197/mt ($964.5/mt) ex-warehouse, down by RMB 830/mt ($129/mt) or 13.4 percent from May 10, according to SteelOrbis’ data. Rebar futures prices at Shanghai Futures Exchange decreased by RMB 926/mt ($144/mt) or 15.4 percent to RMB 5,186/mt ($804.5/mt) compared to May 10.
Prices include 13 percent VAT.