Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for January 1-10. Accordingly, the company has raised its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 150/mt ($23/mt) to RMB 4,860/mt ($743/mt), RMB 4,900/mt ($749/mt), and RMB 4,650/mt ($711/mt), respectively. All prices are on ex-works basis.
The producer had kept its offer prices for high-speed wire rod, bar-in-coil and rebar stable for December 21-31.
As of December 31, the average rebar price in the Chinese market was standing at RMB 4,417/mt ($675/mt) ex-warehouse, edging down by RMB 136/mt ($21/mt) from December 21, according to SteelOrbis’ data. As of December 31, rebar futures prices at Shanghai Futures Exchange were down by RMB 72/mt ($11/mt) or 1.6 percent to RMB 4,388/mt ($671/mt) compared to December 21. Despite the recent declines in the spot market for longs products in China, Shagang Group has a positive view of the development of the market in the first half of January, partly due to high raw material prices.
All prices include 13 percent VAT.