Jiangsu Province-based Shagang Group, the country’s largest private steelmaker, has issued its list prices for all long steel products for August 21-31. Accordingly, the company has kept its offer prices unchanged for high-speed wire rod, bar-in-coil and rebar at RMB 4,150/mt ($589.5/mt), RMB 4,170/mt ($592.3/mt) and RMB 3,970/mt ($563.9/mt), respectively. All prices are on ex-works basis.
The producer had cut its rebar prices by RMB 200/mt ($28/mt) and its wire rod and bar-in-coil prices by RMB 150/mt ($21/mt) for the previous period, i.e., August 11-20. Following these previous sharp reductions, Shagang Group has decided to leave prices for late August unchanged, thereby boosting confidence among market participants.
Shagang Group’s price policy signals a slowing of the downward trend of the Chinese long steel market and a possible rebound in September.
