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 raised its offer prices for high-speed wire rod and bar-in-coil by RMB 50/mt ($7.5/mt) to RMB 4,110/mt ($615.5/mt) and RMB 4,150/mt ($621.5/mt) respectively, while keeping its offer prices for rebar stable at RMB 3,900/mt ($584/mt). All prices are on ex-works basis.
The producer had kept its offer prices for high-speed wire rod, bar-in-coil and rebar stable for October 11-20.
As of October 20, the average rebar price in the Chinese market was standing at RMB 3,843/mt ($575.5/mt) ex-warehouse, edging down by RMB 14/mt ($2.1/mt) from October 12, according to SteelOrbis’ data. As of October 20, rebar futures prices at Shanghai Futures Exchange decreased by RMB 21/mt ($3.1/mt) or 0.6 percent to RMB 3,616/mt ($541.5/mt) compared to October 12.
$1 = RMB 6.6781