Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for December 1-10. Accordingly, the company has raised its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 50/mt ($7.1/mt) to RMB 4,420/mt ($622.5/mt), RMB 4,460/mt ($628.2/mt) and RMB 4,210/mt ($592.6/mt), respectively. All prices are on ex-works basis.
The producer had raised its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 150/mt, RMB 150/mt, and RMB 300/mt in the previous period, November 21-30.
Following the previous sharp rises seen in rebar prices in the Chinese domestic market, cautious sentiment has started to prevail among market players, resulting in a slower rising trend. Spot rebar prices had increased by RMB 17/mt ($2.4/mt) by Friday, November 29, to RMB 4,290/mt ($610.2/mt) ex-warehouse from November 20, according to SteelOrbis’ data.
Shagang Group’s price policy signals the continuing positive view of the mill of the prospects for long steel demand in early December. However, other mills, including Jiangsu Province-based Nanjing Iron and Steel and Anhui Province-based Ma’anshan Iron and Steel have cut their rebar prices by RMB 20/mt ($2.8/mt) and RMB 30/mt ($4.3/mt), respectively for early December, indicating their more bearish view of the prospects for the market.