Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for September 1-10. Accordingly, the company has kept its offer prices for rebar and debar-in-coil stable at RMB 3,870/mt ($539/mt) and RMB 4,050/mt ($564/mt), respectively. All prices are on ex-works basis.
For the August 21-31 period, the producer had also kept its offer prices for rebar and debar-in-coil stable.
As of September 1, the average rebar price in the Chinese market was at RMB 3,790/mt ($528/mt) ex-warehouse, increasing by RMB 57/mt ($7.9/mt) or 1.53 percent from August 21, according to SteelOrbis’ data. Though overall sentiments have improved, this has been insufficient to support a rise in the mill’s prices at least for now, as demand remains slack.
As of September 1, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,778/mt ($526/mt), rising by RMB 112/mt ($15.6/mt) or up 3.0 percent since August 21, while increasing by 1.29 percent compared to the previous trading day (August 31).
Prices include 13 percent VAT. The more significant increases in futures prices compared to spot prices continue to signal that expectations for the near future are positive.
$1 = RMB 7.1786