Shagang Group cuts local rebar prices for late October

Monday, 21 October 2019 12:02:08 (GMT+3)   |   Istanbul

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 held its offer prices for high-speed wire rod and bar-in-coil stable at RMB 4,160/mt ($588.2/mt) and RMB 4,200/mt ($593.8/mt), respectively, while it has decreased its offer prices for rebar by RMB 100/mt ($14/mt) to RMB 3,800/mt ($537.5/mt). All prices are on ex-works basis.

For the October 11-20 period, the producer had raised its offer prices for high-speed wire rod and bar-in-coil by RMB 60/mt, and had increased its rebar offer price by RMB 30/mt.

Shagang Group’s price policy signals the more pessimistic view of the mill towards the prospects for long steel demand in late October. Rising supply and sluggish demand are believed to be the main contributing factors to its gloomy view. Average spot rebar prices in China lost RMB 10/mt ($1.4/mt) today, Monday, October 21, compared to last Friday. Rebar futures prices in China have declined by RMB 3/mt ($0.4/mt) today.

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