Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for October 21-31. Accordingly, the company has cut its offer prices for rebar and debar-in-coil by RMB 100/mt ($14/mt) to RMB 3,850/mt ($536/mt) and RMB 4,030/mt ($561/mt), respectively. All prices are on ex-works basis.
For the October 11-20 period, the producer had kept its offer prices for rebar and debar-in-coil stable at RMB 3,950/mt ($551/mt) and RMB 4,130/mt ($576/mt), respectively.
As of October 20, the average rebar price in the Chinese market was standing at RMB 3,753/mt ($523/mt) ex-warehouse, increasing by RMB 13/mt ($1.8/mt) or 0.35 percent from October 10, according to SteelOrbis’ data.
As of October 20, rebar futures at the Shanghai Futures Exchange were standing at RMB 3,610/mt ($503/mt), decreasing by RMB 10/mt ($11.1/mt) or down 0.28 percent since October 10, while decreasing by 0.39 percent compared to the previous trading day (October 19).
Prices include 13 percent VAT.
$1 = RMB 7.1792