Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for April 21-30. Accordingly, the company has kept its offer prices for high-speed wire rod, bar-in-coil and rebar stable at RMB 5,260/mt ($809/mt), RMB 5,350/mt ($822.5/mt), and RMB 5,250/mt ($807/mt), respectively. All prices are on ex-works basis.
The producer had raised its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 200/mt ($31/mt) for April 11-20.
Price stabilization by the producer is quite reasonable in the current market conditions, according to sources, as customers are buying steadily now only if prices are not rising excessively. As of April 20, the average rebar price in the Chinese market was standing at RMB 5,093/mt ($783/mt) ex-warehouse, down by RMB 37/mt ($5.7/mt) or 0.72 percent from April 9, according to SteelOrbis’ data.
As of April 20, rebar futures prices at Shanghai Futures Exchange increased by RMB 97/mt ($14.9/mt) or 1.9 percent to RMB 5,165/mt ($794/mt) compared to April 9.
Prices include 13 percent VAT.
$1 = RMB 6.5046