Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for August 21-31. Accordingly, the company has held its offer prices for high-speed wire rod, bar-in-coil and rebar stable, which stood at RMB 4,010/mt ($580.3/mt), RMB 4,050/mt ($586/mt) and RMB 3,900/mt ($564/mt). All prices are on ex-works basis.
The producer had raised its offer prices for high-speed wire rod and bar-in-coil by RMB 50/mt ($7/mt), though held its prices for rebar stable for August 10-21.
Rebar prices in the Chinese domestic spot market have edged down, decreasing to RMB 3,813/mt ($552/mt) ex-warehouse as of August 20, from RMB 3,830/mt ex-warehouse on August 10, according to SteelOrbis’ data. As of August 20, rebar futures prices at Shanghai Futures Exchange decreased by RMB 73/mt ($11/mt) or 1.9 percent to RMB 3,765/mt ($544/mt) compared to that recorded on August 10.
$1 = RMB 6.9107