Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for March 21-31. Accordingly, the company has kept its offer prices for high-speed wire rod, bar-in-coil and rebar stable at RMB 4,960/mt ($761/mt), RMB 5,000/mt ($767/mt), and RMB 4,850/mt ($744/mt), respectively. All prices are on ex-works basis and include 13 percent VAT.
The producer had also kept its offer prices for high-speed wire rod, bar-in-coil and rebar stable for March 11-20.
Sentiment in the local longs market in China is improving gradually. As of March 19, the average rebar price in the Chinese market was standing at RMB 4,717/mt ($724/mt) ex-warehouse, up by RMB 24/mt ($3.7/mt) from March 10, according to SteelOrbis’ data.
As of March 19, rebar futures prices at Shanghai Futures Exchange surged by RMB 157/mt ($24/mt) or 3.4 percent to RMB 4,746/mt ($728/mt) compared to March 10.
$1 = RMB 6.5191