Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for October 11-20. Accordingly, the company has kept its offer prices for high-speed wire rod, bar-in-coil and rebar stable at RMB 4,060/mt ($606/mt), RMB 4,100/mt ($612/mt) and RMB 3,900/mt ($582/mt), respectively. All prices are on ex-works basis.
The producer had not changed its long steel offer prices for the previous period, i.e., for September 21-October 10.
As of October 12, the average rebar price in the Chinese market is standing at RMB 3,857/mt ($576/mt) ex-warehouse, edging up by RMB 80/mt ($12.0/mt) from September 30, according to SteelOrbis’ data. As of October 12, rebar futures prices at Shanghai Futures Exchange increased by RMB 77mt ($11.5/mt) or 2.2 percent to RMB 3,637/mt ($533/mt) compared to September 30. Higher prices in the spot market in China have been supported by better demand.