Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for March 1-10.
Accordingly, the company has cut its offer prices for high-speed wire rod and debar-in-coil by RMB 200/mt ($31.8/mt), while it has decreased its price for rebar by RMB 100/mt ($15.9/mt), with these product prices now standing at RMB 5,110/mt ($811.1/mt), RMB 5,200/mt ($825.4/mt), and RMB 5,000/mt ($793.7/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 February 21-28.
As of February 28, the average rebar price in the Chinese market was standing at RMB 4,840/mt ($763.4/mt) ex-warehouse, moving down by 63/mt ($9.9/mt) from February 21, according to SteelOrbis’ data. As of February 28, rebar futures contract (rb2205) offers closed at RMB 4,693/mt ($740/mt), decreasing by RMB 86/mt ($13.6/mt) or 1.8 percent since February 21.
Prices include 13 percent VAT.
$1 = RMB 6.3014