Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for September 11-20. Accordingly, the company has increased its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 100/mt ($14/mt), to RMB 4,070/mt ($574.5/mt), RMB 4,110/mt ($580.2/mt) and RMB 3,820/mt ($539.2/mt), respectively. All prices are on ex-works basis.
The producer had cut its prices for high-speed wire rod, bar-in-coil and rebar by RMB 180/mt ($25.4/mt), RMB 160/mt ($22.6/mt) and RMB 250/mt ($35.3/mt) in the previous period of September 1-10.
Shagang Group’s price policy signals a possible upward movement of the Chinese long steel market in latter part of September.
$1 = RMB 7.08