Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for November 21-30.
Accordingly, the company has cut its offer prices for high-speed wire rod and debar-in-coil by RMB 200/mt ($31.3/mt) to RMB 5,060/mt ($791/mt) and RMB 5,150/mt ($805/mt), respectively. The producer decreased prices for rebar by RMB 300/mt ($47/mt) to RMB 4,800/mt ($751/mt). All prices are on ex-works basis. The main reason behind this move was the weak demand in the country due to seasonal factors and production restrictions.
The producer had respectively cut its offer prices for high-speed wire rod, debar-in-coil and rebar by RMB 400/mt, RMB 400/mt and RMB 450/mt for November 11-20.
As of November 19, the average rebar price in the Chinese market was standing at RMB 4,747/mt ($742/mt) ex-warehouse, down by RMB 180/mt ($28/mt) compared to November 9, according to SteelOrbis’ data. As of November 19, rebar futures at the Shanghai Future Exchange are standing at RMB 4,285/mt ($670/mt), decreasing by RMB 97/mt ($15.2/mt) or 2.2 percent since November 10.
Prices include 13 percent VAT.
$1 = RMB 6.3952