Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for January 1-10. Accordingly, the company has cut its offer prices for debar-in-coil, rebar and high-speed wire rod by RMB 100/mt ($14/mt) to RMB 3,610/mt ($502/mt), RMB 3,600/mt ($501/mt) and RMB 3,520/mt ($490/mt) ex-works, respectively. All prices are on ex-works basis.
For the December 21-31 period, the producer had kept its offer prices for debar-in-coil, rebar and high-speed wire rod stable at RMB 3,710/mt ($516/mt), RMB 3,700/mt ($515/mt) and RMB 3,620/mt ($503.5/mt) ex-works, respectively.
As of December 31, the average rebar price in the Chinese market was standing at RMB 3,423/mt ($476/mt) ex-warehouse, increasing by RMB 3/mt ($0.4/mt) or 0.09 percent from December 24, according to SteelOrbis’ data.
As of December 31, rebar futures at the Shanghai Futures Exchange were at RMB 3,309/mt ($460/mt), increasing by RMB 30/mt ($4.2/mt) or 0.9 percent since December 24, while increasing by 0.39 percent compared to the previous trading day, December 30.
Prices include 13 percent VAT.
$1 = RMB 7.1879