Shagang Group hikes local rebar prices by $46.3/mt for early May, wire rod up $69.3/mt

Thursday, 06 May 2021 17:41:11 (GMT+3)   |   Shanghai
       

Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for May 1-10. Accordingly, the company has raised its offer prices for high-speed wire rod and bar-in-coil by RMB 450/mt ($69.3/mt), while its rebar prices have been increased by RMB 300/mt ($46.3/mt), with the respective prices rising to RMB 5,710/mt ($880/mt), RMB 5,800/mt ($894/mt), and RMB 5,550/mt ($855/mt). All prices are on ex-works basis.

The producer had held its offer prices for high-speed wire rod, bar-in-coil and rebar stable for April 21-30.

Such a sharp rise in local prices is due to many factors, including the demand revival after the holiday, the surge in iron ore prices, the uptrend in scrap prices, and the expected continued production restrictions.

As of April 30, the average rebar price in the Chinese market was standing at RMB 5,247/mt ($809/mt) ex-warehouse, up by RMB 154/mt ($23.7/mt) or 3.02 percent from April 20, according to SteelOrbis’ data.

Moreover, on May 6, the first working day after the holiday, the average rebar price in China has jumped to RMB 5,497/mt ($847/mt) ex-warehouse, surging by RMB 250/mt or $38.5/mt compared to the level before the holiday.

All prices include 13 percent VAT.

$1 = RMB 6.4895


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