Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for May 1-10. Accordingly, the company has cut its offer prices for high-speed wire rod, debar-in-coil and rebar by RMB 200/mt ($29/mt), RMB 200/mt ($29/mt) and RMB 100/mt ($14.5/mt) to RMB 4,110/mt ($595/mt), RMB 4,250/mt ($615.5/mt) and RMB 4,100/mt ($594/mt), respectively. All prices are on ex-works basis.
For the April 21-30 period, the producer had decreased its offer prices for high-speed wire rod, debar-in-coil and rebar by RMB 100/mt, RMB 100/mt and RMB 150/mt, respectively.
As of April 28, the average rebar price in the Chinese market was standing at RMB 3,833/mt ($555.1/mt) ex-warehouse, moving down by 200/mt ($29/mt) or 4.96 percent from April 20, according to SteelOrbis’ data. As of April 28, rebar futures prices at the Shanghai Future Exchange are standing at RMB 3,660/mt ($530/mt) ex-warehouse, moving down by 254/mt ($37/mt) or 6.1 percent from April 20.
Prices include 13 percent VAT.
$1 = RMB 6.9054