Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for December 1-10.
Accordingly, the company has held its offer prices for high-speed wire rod, debar-in-coil and rebar stable at RMB 5,060/mt ($794/mt), RMB 5,150/mt ($809/mt), and RMB 4,800/mt ($754/mt), respectively. All prices are on ex-works basis.
The producer had cut its offer prices for high-speed wire rod and debar-in-coil by RMB 200/mt and had decreased prices for rebar by RMB 300/mt for November 21-30.
Some improvements in the spot market in China seen over the past ten days have contributed to the latest price decision of Shagang Group.
As of November 29, the average rebar price in the Chinese market was standing at RMB 4,880/mt ($766/mt) ex-warehouse, up by RMB 133/mt ($21/mt) or 2.8 percent from November 19, according to SteelOrbis’ data. As of November 29, rebar futures at the Shanghai Future Exchange (rb 2205) are standing at RMB 4,145/mt ($651/mt), increasing by RMB 171/mt ($27/mt) or 4.3 percent since November 19.
Prices include 13 percent VAT.
$1 = RMB 6.3693