Shagang Group cuts local rebar prices by RMB 300/mt for late July

Thursday, 21 July 2022 11:25:04 (GMT+3)   |   Shanghai
       

Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for July 21-31. Accordingly, the company has cut its offer prices for high-speed wire rod, debar-in-coil and rebar by RMB 300/mt ($44.4/mt) to RMB 4,510/mt ($667/mt), RMB 4,600/mt ($680.5/mt), and RMB 4,500/mt ($666/mt), respectively. 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 July 11-20 period.

As of July 20, the average rebar price in the Chinese market was standing at RMB 3,960/mt ($586/mt) ex-warehouse, moving down by 323/mt ($48/mt) or 7.54 percent from July 10, according to SteelOrbis’ data. As of July 20, rebar futures prices at the Shanghai Future Exchange are standing at RMB 3,830/mt ($566.6/mt), decreasing by RMB 366/mt ($54/mt) or 8.7 percent since July 8.

Prices include 13 percent VAT.

$1 = RMB 6.762


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