Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for November 1-10.
Accordingly, the company has cut its offer prices for high-speed wire rod, debar-in-coil and rebar by RMB 600/mt ($93.5/mt) to RMB 5,660/mt ($882/mt), RMB 5,750/mt ($896/mt), and RMB 5,550/mt ($864.5/mt), respectively. All prices are on ex-works basis.
The producer had kept its offer prices for high-speed wire rod, debar-in-coil and rebar stable for the October 21-31 period.
As of October 29, the average rebar price in the Chinese market was standing at RMB 5,320/mt ($833/mt) ex-warehouse, down by RMB 490/mt ($76.3/mt) or 8.4 percent from October 20, according to SteelOrbis’ data. As of October 29, rebar futures at the Shanghai Future Exchange were standing at RMB 4,646/mt ($727/mt), decreasing by RMB 254/mt ($39.7/mt) or 5.2 percent since October 22.
Prices include 13 percent VAT.
$1 = RMB 6.4192