Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for May 1-10. Accordingly, the company has held its offer prices for rebar, high-speed wire rod and bar-in-coil stable at RMB 3,700/mt ($523/mt), RMB 3,760/mt ($531.8/mt) and RMB 3,800/mt ($537.5/mt) respectively. All prices are on ex-works basis.
The producer had held its offer prices for rebar, high-speed wire rod and bar-in-coil stable in the April 21-30 period.
Rebar prices in the Chinese domestic market edged down in late April, decreasing to RMB 3,543/mt ex-warehouse as of April 30 from RMB 3,580/mt ex-warehouse on April 20, according to SteelOrbis’ data. However, on May 6 rebar spot prices increased by RMB 37/mt compared to April 30 to RMB 3,580/mt ex-warehouse, reflecting lower inventories and firm demand in the market. Rebar futures prices at Shanghai Futures Exchange first moved down but edged up later in the April 21-30 period amid better expectations for the future due to the National People’s Congress (NPC) and The Chinese People’s Political Consultative Conference (CPPCC) to be held in late May.
$1 = RMB 7.069
