Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for June 11-20. Accordingly, the company has raised its offer prices for rebar, high-speed wire rod and bar-in-coil by RMB 50/mt ($7.0/mt) to RMB 3,850/mt ($545/mt), RMB 3,910/mt ($554/mt) and RMB 3,950/mt ($559/mt), respectively. All prices are on ex-works basis.
The producer had also increased its offer prices for rebar, high-speed wire rod and bar-in-coil by RMB 50/mt for the June 1-10 period.
Rebar prices in the Chinese domestic market increased to RMB 3,770/mt ($534/mt) ex-warehouse as of June 10, from RMB 3,720/mt ex-warehouse on May 29, according to SteelOrbis’ data. Rebar futures prices increased by RMB 8/mt ($1.1/mt) or 0.22 percent to RMB 3,587/mt ($508/mt) on June 10, from RMB 3,579/mt recorded on May 29.
$1 = RMB 7.0608