Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for May 21-31. Accordingly, the company has cut its offer prices for rebar by RMB 50/mt ($7.1/mt) to RMB 3,950/mt ($563/mt), though it has kept its prices for high-speed wire rod and debar-in-coil stable at RMB 4,110/mt ($586/mt) and RMB 4,200/mt ($599/mt). All prices are on ex-works basis.
For the May 11-20 period, the producer had cut its offer prices for debar-in-coil and rebar by RMB 50/mt ($7.2/mt) and RMB 100/mt ($14.4/mt) to RMB 4,200/mt ($607/mt) and RMB 4,000/mt ($578/mt), respectively, though it had kept its price for high-speed wire rod stable at RMB 4,110/mt ($594/mt).
As of May 19, the average rebar price in the Chinese market was standing at RMB 3,767/mt ($537/mt) ex-warehouse, moving down by RMB 50/mt ($7.1/mt) or 1.3 percent from May 10, according to SteelOrbis’ data. Demand for rebar has been slack, which has exerted a negative impact on rebar, high-speed wire rod and debar-in-coil prices.
As of May 20, rebar futures prices at the Shanghai Future Exchange were standing at RMB 3,592/mt ($512/mt) ex-warehouse, moving down by RMB 96/mt ($13.7/mt) or 2.6 percent from May 10.
Prices include 13 percent VAT.
$1 = RMB 7.0157
