Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for September 11-20. Accordingly, the company has cut its offer prices for high-speed wire rod, debar-in-coil and rebar by RMB 200/mt ($29/mt) to RMB 4,310/mt ($625.5/mt), RMB 4,400/mt ($638.6/mt) and RMB 4,200/mt ($609.6/mt), respectively. All prices are on ex-works basis.
The producer had held its offer prices for high-speed wire rod and debar-in-coil stable, while cutting rebar prices by RMB 100/mt, for the September 1-10 period.
As of September 9, the average rebar price in the Chinese market was standing at RMB 4,097/mt ($595/mt) ex-warehouse, moving up by 47/mt ($6.8/mt) or 1.16 percent from August 31, according to SteelOrbis’ data. Though spot prices have improved following positive movements in the futures market, real demand has yet to increase significantly, and this has led to the decline in Shagang Group’ prices. As of September 9, rebar futures prices at the Shanghai Future Exchange are standing at RMB 3,791/mt ($550/mt), increasing by RMB 114/mt ($16.5/mt) or 3.1 percent since August 31.
Prices include 13 percent VAT.
$1 = RMB 6.8821