Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for November 11-20. Accordingly, the company has raised its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 60/mt ($8.6/mt) to RMB 4,220/mt ($603.4/mt), RMB 4,260/mt ($609.2/mt) and RMB 3,860/mt ($552.0/mt), respectively. All prices are on ex-works basis.
The producer had held its offer prices for high-speed wire rod, bar-in-coil and rebar stable in the November 1-10 period.
Shagang Group’s price policy signals the more positive view of the mill towards the prospects for long steel demand in mid-November, even though rebar futures prices at Shanghai Future Exchange declined RMB 39/mt ($5.6/mt) on Monday from last Friday’s levels.
$1 = RMB 6.9933