Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for September 1-10. Accordingly, the company has kept its offer prices for high-speed wire rod and debar-in-coil stable at RMB 4,510/mt ($655/mt) and RMB 4,600/mt ($668.4/mt) respectively, though it has cut prices for rebar by RMB 100/mt ($14.5/mt) to RMB 4,400/mt ($639.3/mt). All prices are on ex-works basis.
The producer had kept its offer prices for high-speed wire rod, debar-in-coil and rebar stable for the August 21-31 period.
As of August 31, the average rebar price in the Chinese market was standing at RMB 4,050/mt ($588.5/mt) ex-warehouse, moving down by 107/mt ($15.5/mt) or 2.6 percent from August 19, according to SteelOrbis’ data. As of August 31, rebar futures prices at the Shanghai Future Exchange are standing at RMB 3,902/mt ($576/mt), decreasing by RMB 255/mt ($37/mt) since August 19.
Prices include 13 percent VAT.
$1 = RMB 6.8821