Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for April 1-10. Accordingly, the company has kept its offer prices for rebar, high-speed wire rod and bar-in-coil stable at RMB 3,700/mt ($522.8/mt), RMB 3,760/mt ($531.3/mt) and RMB 3,800/mt ($537.0/mt), respectively. All prices are on ex-works basis.
The producer had raised its offer prices for rebar, high-speed wire rod and bar-in-coil by RMB 50/mt ($7.05/mt), RMB 70/mt ($9.9/mt) and RMB 70/mt ($9.9/mt) for the March 21-31 period.
Rebar prices in the Chinese domestic market have recently moved down, decreasing to RMB 3,553/mt ex-warehouse as of March 31 from RMB 3,607/mt ex-warehouse on March 21, according to SteelOrbis’ data. Rebar futures prices at Shanghai Futures Exchange indicated an overall downtrend in late March amid the further spread of the coronavirus pandemic worldwide, which weakened market players’ sentiments. Meanwhile, relatively high inventories exerted a negative impact on rebar prices. As of March 31, rebar futures prices were down by RMB 250/mt ($35.3/mt) or 7.2 percent to RMB 3,233/mt ($457/mt) from RMB 3,483/mt recorded on March 21.