Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for August 1-10. Accordingly, the company has raised its offer prices for high-speed wire rod and debar-in-coil by RMB 50/mt ($7.7/mt) to RMB 5,860/mt ($906/mt) and RMB 5,850/mt ($904/mt), respectively. The producer has increased its prices for rebar by RMB 150/mt ($23/mt) to RMB 5,700/mt ($881/mt). All prices are on ex-works basis.
For July 21-31, Shagang Group had raised its offer prices for high-speed wire rod and debar-in-coil by RMB 200/mt ($30.9/mt), while it had increased its prices for rebar by RMB 250/mt ($39/mt).
As of July 30, the average rebar price in the Chinese market was standing at RMB 5,450/mt ($843/mt) ex-warehouse, up by RMB 127/mt ($19.6/mt) or 2.4 percent from July 19, according to SteelOrbis’ data. As of July 30, rebar futures prices at Shanghai Futures Exchange increased by RMB 169/mt ($26.1/mt) or 3.0 percent to RMB 5,737/mt ($887/mt) compared to July 19.
Prices include 13 percent VAT.
$1 = RMB 6.466