Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for August 11-20. Accordingly, the company has kept its offer prices for high-speed wire rod and debar-in-coil stable at RMB 5,860/mt ($904/mt) and RMB 5,850/mt ($902/mt), respectively, while decreasing its prices for rebar by RMB 200/mt ($30.8/mt) to RMB 5,500/mt ($848/mt). All prices are on ex-works basis.
For the August 1-10 period, the producer had raised its offer prices for high-speed wire rod and debar-in-coil by RMB 50/mt ($7.7/mt), while it had increases its prices for rebar by RMB 150/mt ($23.1/mt), but the slowdown of demand due to rainfall and another outbreak of Covid-19 has negatively impacted prices for mid-August.
As of August 10, the average rebar price in the Chinese market was standing at RMB 5,327/mt ($822/mt) ex-warehouse, down by RMB 123/mt ($19.0/mt) or 2.26 percent from July 30, according to SteelOrbis’ data. As of August 10, rebar futures prices at Shanghai Futures Exchange decreased by RMB 300/mt ($46.3/mt) or 5.2 percent to RMB 5,437/mt ($839/mt) compared to July 30.
Prices include 13 percent VAT.
$1 = RMB 6.4831