Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for August 21-31. Accordingly, the company has cut its offer prices for debar-in-coil and rebar by RMB 100/mt ($14/mt) to RMB 3,460/mt ($485/mt) and RMB 3,450/mt ($484/mt), ex-works, respectively. All prices are on ex-works basis.
For the August 11-20 period, the producer had cut its offer prices for rebar by RMB 70/mt ($10/mt) to RMB 3,550/mt ($498/mt) ex-works, while no debar-in-coil products were being sold.
As of August 20, the average rebar price in the Chinese market was standing at RMB 3,173/mt ($445/mt) ex-warehouse, decreasing by RMB 114/mt ($16/mt) or 3.5 percent from August 9, according to SteelOrbis’ data.
As of August 20, rebar futures at the Shanghai Futures Exchange were at RMB 3,172/mt ($445/mt), decreasing by RMB 105/mt ($15/mt) or 3.2 percent since August 9, while increasing by 1.93 percent compared to the previous trading day, August 19.
Prices include 13 percent VAT.
