Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for June 21-30. Accordingly, the company has cut its prices for rebar by RMB 100/mt ($15.5/mt) to RMB 5,100/mt ($790/mt), while it has kept its offer prices for high-speed wire rod and debar-in-coil stable at RMB 5,610/mt ($879/mt) and RMB 5,700/mt ($893/mt), respectively. All prices are on ex-works basis.
This is the second rebar price cut in a row announced by Shagang. The producer had kept its offer prices for high-speed wire rod and debar-in-coil stable, while cutting its price for rebar by RMB 300/mt ($47/mt), for June 11-20.
As of June 18, the average rebar price in the Chinese market was standing at RMB 5,040/mt ($796/mt) ex-warehouse, down by RMB 40/mt ($6.2/mt) or 0.8 percent from June 10, according to SteelOrbis’ data. As of June 18, rebar futures prices at Shanghai Futures Exchange decreased by RMB 261/mt ($40.6/mt) or 4.9 percent to RMB 5,061/mt ($786/mt) compared to June 11.
Prices include 13 percent VAT.
$1 = RMB 6.4546