Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for June 1-10. Accordingly, the company has cut its offer prices for rebar by RMB 100/mt ($14.1/mt) to RMB 3,850/mt ($542.5/mt), while it has decreased its prices for high-speed wire rod and debar-in-coil by RMB 200/mt ($28.2) to RMB 3,910/mt ($551/mt) and RMB 4,000/mt ($564/mt), respectively. All prices are on ex-works basis.
For the May 21-31 period, the producer had cut its offer prices for rebar by RMB 100/mt ($7.1/mt) to RMB 3,950/mt ($563/mt), though it had kept its prices for high-speed wire rod and debar-in-coil stable at RMB 4,110/mt ($586/mt) and RMB 4,200/mt ($599/mt), respectively. All prices are on ex-works basis.
As of May 31, the average rebar price in the Chinese market was standing at RMB 3,610/mt ($509/mt) ex-warehouse, moving down by RMB 157/mt ($22.1/mt) or 4.2 percent from May 19, according to SteelOrbis’ data. Demand for rebar has been slack, which has exerted a negative impact on rebar, high-speed wire rod and debar-in-coil prices.
As of May 31, rebar futures prices at the Shanghai Future Exchange were standing at RMB 3,463/mt ($488/mt) ex-warehouse, moving down by RMB 182/mt ($25.6/mt) or 5.0 percent from May 19.
Prices include 13 percent VAT.
$1 = RMB 7.0965
