Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for mid-May (May 11-20). Accordingly, the company has raised its offer prices for 16-20 mm HRB400 rebar and 8-10 mm HRB400 debar-in-coil by RMB 50/mt ($7.3/mt), to RMB 3,400/mt ($496/mt) and RMB 3,530/mt ($515/mt), respectively. All prices are on ex-works basis.
For the early May (May 1-10) period, the producer had kept its offer prices for 16-20 mm HRB400 rebar and 8-10 mm HRB400 debar-in-coil stable at RMB 3,350/mt ($489/mt) and RMB 3,480/mt ($508/mt), respectively.
As of May 11, the average rebar price in the Chinese market was standing at RMB 3,420/mt ($481/mt) ex-warehouse, increasing by RMB 93/mt ($9/mt) compared to April 27, according to SteelOrbis’ data.
As of May 11, rebar futures at Shanghai Futures Exchange are standing at RMB 3,286/mt ($465/mt), increasing by RMB 96/mt ($14.0/mt) or 3.0 percent since April 27, while rising by 0.34 percent compared to the previous trading day, May 8.
Prices include 13 percent VAT.
$1 = RMB 6.8467
