Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for November 1-10. Accordingly, the company has raised its offer prices for high-speed wire rod and bar-in-coil by RMB 100/mt ($14.9/mt), to RMB 4,210/mt ($628/mt) and RMB 4,250/mt ($634/mt), respectively, while it has increased its offer prices for rebar by RMB 50/mt ($7.45/mt) to RMB 3,950/mt ($589/mt). All prices are on ex-works basis.
For the October 21-31 period, the producer had raised its offer prices for high-speed wire rod and bar-in-coil by RMB 50/mt, and kept its prices for rebar stable.
As of October 30, the average rebar price in the Chinese market was standing at RMB 3,897/mt ($581.2/mt) ex-warehouse, edging up by RMB 54/mt ($8.1/mt) from October 20, according to SteelOrbis’ data. As of October 30, rebar futures prices at Shanghai Futures Exchange increased by RMB 86/mt ($12.8/mt) or 2.4 percent to RMB 3,702/mt ($552/mt) compared to October 20.
$1 = RMB 6.705