Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for August 1-10. Accordingly, the company has raised its offer prices for rebar, high-speed wire rod and bar-in-coil by RMB 50/mt ($7/mt) to RMB 3,900/mt ($557/mt), RMB 3,960/mt ($566/mt) and RMB 4,000/mt ($571/mt), respectively. All prices are on ex-works basis.
The producer had kept its offer prices for rebar, high-speed wire rod and bar-in-coil stable in the July 21-31 period.
Rebar prices in the Chinese domestic market have recently moved up, increasing to RMB 3,783/mt ($540/mt) ex-warehouse as of July 31, from RMB 3,780/mt ex-warehouse on July 20, according to SteelOrbis’ data. As of July 31, rebar futures prices at Shanghai Futures Exchange were up RMB 76/mt ($11/mt) or 2.05 percent to RMB 3,777/mt ($540/mt), compared to since July 20.