Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for October 1-10. Accordingly, the company has increased its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 30/mt, RMB 30/mt and RMB 50/mt, respectively, which is equivalent to a rise of $4-7/mt. As a result, the producer’s high-speed wire rod, bar-in-coil and rebar prices have reached RMB 4,100/mt ($574.5/mt), RMB 4,140/mt ($580.2/mt) and RMB 3,870/mt ($539.2/mt), respectively. All prices are on ex-works basis.
The producer had held its offer prices for long steel stable in late September (September 21-30).
Shagang Group’s price policy has positively affected market sentiment. As reported earlier, as of October 8 rebar futures prices at the Shanghai Futures Exchange declined by 2.32 percent compared to September 30, to RMB 3,404/mt ($481/mt) on October 8, reflecting market players’ pessimistic view of the prospects for the rebar market in the coming period, whereas previously market players had expected a bullish trend after the long holiday due to production restrictions in the Chinese domestic market.