Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for March 11-20. Accordingly, the company has kept its offer prices for rebar, high-speed wire rod and bar-in-coil stable at RMB 3,650/mt ($524.4/mt), RMB 3,690/mt ($530.2/mt) and RMB 3,730/mt ($535.9/mt) respectively. All prices are on ex-works basis.
The producer had cut its offer prices for rebar, high-speed wire rod and bar-in-coil by RMB 230/mt ($32.8/mt), RMB 200/mt ($28.5/mt) and RMB 200/mt ($28.5/mt) for the March 1-10 period.
Rebar prices in the Chinese domestic market have moved up slightly, rising to RMB 3,500/mt ex-warehouse as of March 10 from RMB 3,493/mt ex-warehouse on March 2, according to SteelOrbis’ data. Today, March 11, the average local rebar spot price has gained RMB 23/mt ($3.3/mt) to RMB 3,523/mt ex-warehouse. Since more and more downstream users have resumed production and construction activities, demand for long products in China has improved, providing support for their prices. Rebar futures prices have increased by RMB 57/mt ($8.2/mt) or 1.7 percent to RMB 3,479/mt ($500/mt) on March 10 from RMB 3,422/mt recorded on March 2.
$1 = RMB 6.9612