Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for January 21-31. Accordingly, the company has kept its offer prices for rebar, high-speed wire rod and bar-in-coil stable at RMB 3,880/mt ($565.6/mt), RMB 3,890/mt ($572.1/mt) and RMB 3,930/mt ($572.9/mt), respectively. All prices are on ex-works basis.
The producer had cut its offer prices for rebar, high-speed wire rod and bar-in-coil by RMB 80/mt ($11.6/mt) in the previous January 11-20 period.
Rebar prices in the Chinese domestic market have moved sideways at RMB 3,840/mt ex-warehouse from January 20 to January 13, according to SteelOrbis’ data. Rebar futures prices at Shanghai Futures Exchange increased by RMB 19/mt ($2.8/mt) or 0.53 percent on Monday, January 20, from Friday’s level.
Shagang Group’s price policy reflects its stable view of the prospects for the long steel market in late January due to the Chinese New Year holiday.
$1 = RMB 6.8606