Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for November 21-30. Accordingly, the company has raised its offer prices for high-speed wire rod and bar-in-coil by RMB 200/mt ($30.4/mt), to RMB 4,710/mt ($716.7/mt) and RMB 4,750/mt ($723/mt), respectively. The producer has increased its price for rebar by RMB 50/mt ($7.6/mt) to RMB 4,300/mt ($654.5/mt). All prices are on ex-works basis.
The producer had previously raised its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 300/mt ($45.4/mt) for November 11-20.
As of November 20, the average rebar price in the Chinese market was standing at RMB 4,207/mt ($640/mt) ex-warehouse, edging up by RMB 44/mt ($6.7/mt) from November 10, according to SteelOrbis’ data. As of November 20, rebar futures prices at Shanghai Futures Exchange increased by RMB 137/mt ($21/mt) or 3.6 percent to RMB 3,977/mt ($604/mt) compared to November 13.
$1 = RMB 6.5719