Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for August 1-10. Accordingly, the company has cut its offer prices for rebar and debar-in-coil by RMB 150/mt ($14/mt) to RMB 3,620/mt ($508/mt) and RMB 3,660/mt ($513/mt), respectively. All prices are on ex-works basis.
For the July 21-31 period, the producer had cut its offer prices for rebar and debar-in-coil by RMB 100/mt ($14/mt) to RMB 3,770/mt ($529/mt) and RMB 3,810/mt ($534/mt), ex-works, respectively.
As of July 31, the average rebar price in the Chinese market was standing at RMB 3,320/mt ($466/mt) ex-warehouse, decreasing by RMB 193/mt ($27/mt) or 5.5 percent from July 19, according to SteelOrbis’ data.
As of July 31, rebar futures at the Shanghai Futures Exchange were at RMB 3,326/mt ($488/mt), decreasing by RMB 153/mt ($21.5/mt) or 4.4 percent since July 19, while decreasing by 0.54 percent compared to the previous trading day, July 30.
Prices include 13 percent VAT.
