Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for June 1-10. Accordingly, the company has cut all its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 400/mt ($63/mt), RMB 400/mt ($63/mt) and RMB 350/mt ($55/mt) to RMB 5,610/mt ($882.5/mt), RMB 5,700/mt ($897/mt), and RMB 5,500/mt ($865/mt), respectively. All prices are on ex-works basis.
The producer had cut its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 300/mt for May 21-31.
As of May 31, the average rebar price in the Chinese market was standing at RMB 5,210/mt ($820/mt) ex-warehouse, down by RMB 157/mt ($25/mt) or 2.9 percent from May 20, according to SteelOrbis’ data. As of May 31, rebar futures prices at Shanghai Futures Exchange decreased by RMB 159/mt ($25/mt) or 3.1 percent to RMB 5,027/mt ($791/mt) compared to May 20.
Even despite the recent rebound in futures and spot prices, price levels are still lower compared to 10 days ago.
Prices include 13 percent VAT.
$1 = RMB 6.3572