Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for October 11-20. Accordingly, the company has increased its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 60/mt ($8.5/mt), RMB 60/mt ($8.5/mt) and RMB 30/mt ($4.2/mt), to RMB 4,160/mt ($588.2/mt), RMB 4,200/mt ($593.8/mt) and RMB 3,900/mt ($551.4/mt), respectively. All prices are on ex-works basis.
The producer had raised its offer prices for high-speed wire rod and bar-in-coil by RMB 30/mt, and for rebar by RMB 50/mt in the previous period, October 1-10.
Shagang Group’s price policy has signaled about better view of the mill towards prospect for long steel demand in October. At the same time, the overall sentiments in the market have been not very positive recently. Average spot rebar prices in China lost RMB 20/mt ($2.8/mt) on Friday compared to the previous day. Rebar futures prices declined RMB 5/mt ($0.7/mt) from Thursday.
