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 raised its offer prices for rebar by RMB 100/mt ($15.5/mt) to RMB 6,150/mt ($953.5/mt), while its offer prices for high-speed wire rod and debar-in-coil have been increased by RMB 150/mt ($23/mt) to RMB 6,260/mt ($971/mt) and RMB 6,350/mt ($984.5/mt), respectively. All prices are on ex-works basis.
The producer had raised its offer prices for high-speed wire rod, debar-in-coil and rebar by RMB 200/mt ($31/mt) for October 1-10.
As of October 8, the average rebar price in the Chinese market was standing at RMB 6,057/mt ($939/mt) ex-warehouse, up by RMB 90/mt ($14.0/mt) or 1.5 percent from September 30, according to SteelOrbis’ data. As of October 8, rebar futures prices at Shanghai Futures Exchange closed with an increase by RMB 44/mt ($6.8/mt) or 0.77 percent to RMB 5,750/mt ($891/mt), compared to the closing price recorded on September 30.
Prices include 13 percent VAT.
$1 = RMB 6.4479