Shagang Group keeps local rebar and wire rod prices stable for early Nov

Friday, 01 November 2019 11:38:42 (GMT+3)   |   Shanghai

Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for early November (November 1-10). Accordingly, the company has kept its offer prices for high-speed wire rod, bar-in-coil and rebar stable at RMB 4,160/mt ($590.6/mt), RMB 4,200/mt ($596.3/mt) and RMB 3,800/mt ($539.5/mt), respectively. All prices are on ex-works basis.

In the previous period, the producer had kept its offer prices for high-speed wire rod and bar-in-coil stable, while decreasing its offer prices for rebar by RMB 100/mt.

Shagang Group’s price policy signals the view of greater stability of prospects for the long steel market in early November as several regions have implemented production restriction measures for the winter season and so supply volumes will be lower. Average rebar spot prices in China increased by RMB 27/mt ($3.8/mt) on Thursday, October 31, compared to the previous day.

$1 = RMB 7.0437

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