Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for February 11-20. Accordingly, the company has kept its offer prices for rebar, high-speed wire rod and bar-in-coil stable at RMB 3,880/mt ($555.1/mt), RMB 3,890/mt ($556.5/mt) and RMB 3,930/mt ($562.3/mt) respectively. All prices are on ex-works basis.
The producer had also kept its offer prices for rebar, high-speed wire rod and bar-in-coil stable in the February 1-10 period.
Rebar prices in the Chinese domestic market have moved down, falling to RMB 3,660/mt ex-warehouse as of February 10 from RMB 3,803/mt ex-warehouse on February 3, according to SteelOrbis’ data. Nevertheless, though local long steel demand was subdued since the beginning of the month, sentiments have started to improve today, February 11. Rebar futures prices have increased by RMB 89/mt ($13/mt) or 2.7 percent today to RMB 3,392/mt ($485/mt).
Shagang Group’s price policy reflects its cautious view of the prospects for the long steel market in mid-February as demand will remain slack as some regions in China will resume construction works only in early March due to the coronavirus.
$1 = RMB 6.9897