Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for March 11-20.
Accordingly, the company has raised its offer prices for high-speed wire rod, debar-in-coil and rebar by RMB 200/mt ($31.6/mt) to RMB 5,310/mt ($840/mt), RMB 5,400/mt ($853/mt), and RMB 5,200/mt ($821.5/mt), respectively. All prices are on ex-works basis.
For March 1-10, the producer had cut its offer prices for high-speed wire rod and debar-in-coil by RMB 200/mt ($31.8/mt), while it had decreased prices for rebar by RMB 100/mt ($15.9/mt).
As of March 10, the average rebar price in the Chinese market was standing at RMB 4,973/mt ($786/mt) ex-warehouse, moving up by 133/mt ($21.0/mt) from February 28, according to SteelOrbis’ data. As of March 10, rebar futures contract (rb2205) offers closed at RMB 4,896/mt ($773.5/mt), increasing by RMB 203/mt ($32.1/mt) or 4.3 percent since February 28.
Prices include 13 percent VAT.
$1 = RMB 6.3306