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 debar-in-coil, rebar and high-speed wire rod by RMB 150/mt ($21/mt) to RMB 3,710/mt ($516/mt), RMB 3,700/mt ($515/mt) and RMB 3,620/mt ($503.5/mt) ex-works, respectively. All prices are on ex-works basis.
For the November 11-20 period, the producer had kept its offer prices for debar-in-coil, rebar and high-speed wire rod stable at RMB 3,860/mt ($544/mt), RMB 3,850/mt ($542/mt) and RMB 3,770/mt ($531/mt) ex-works, respectively.
As of November 20, the average rebar price in the Chinese market was standing at RMB 3,443/mt ($479/mt) ex-warehouse, decreasing by RMB 57/mt ($7.9/mt) or 1.6 percent from November 11, according to SteelOrbis’ data.
As of November 20, rebar futures at the Shanghai Futures Exchange were at RMB 3,319/mt ($462/mt), decreasing by RMB 12/mt ($1.7/mt) or 0.36 percent since November 11, while increasing by 0.85 percent compared to the previous trading day, November 19.
Prices include 13 percent VAT.
$1 = RMB 7.1934