Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for July 1-10. Accordingly, the company has cut its offer prices for high-speed wire rod, debar-in-coil and rebar by RMB 300/mt ($45/mt), RMB 300/mt ($45/mt) and RMB 250/mt ($37/mt), to RMB 4,810/mt ($719/mt), RMB 4,900/mt ($732/mt), and RMB 4,800/mt ($717.5/mt), respectively. All prices are on ex-works basis.
The producer had cut its offer prices for high-speed wire rod, debar-in-coil and rebar by RMB 300/mt for June 21-30.
Rebar prices in China were going down in the second half of June, though they posted some increases lately, mainly based on sentiments and expectations rather than on actual demand improvements. As of June 30, the average rebar price in the Chinese market was standing at RMB 4,410/mt ($659/mt) ex-warehouse, moving up by 133/mt ($20/mt) or 3.1 percent from June 20, according to SteelOrbis’ data. As of June 30, rebar futures prices at the Shanghai Future Exchange are standing at RMB 4,378/mt ($654/mt), increasing by RMB 229/mt ($34.2/mt) or 5.5 percent since June 20.
Prices include 13 percent VAT.
$1 = RMB 6.6863