Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for March 1-10. Accordingly, the company has raised its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 100/mt ($15/mt), RMB 100/mt ($15/mt) and RMB 150/mt ($23/mt) to RMB 4,960/mt ($766/mt), RMB 5,000/mt ($772/mt), and RMB 4,850/mt ($749/mt), respectively. All prices are on ex-works basis.
The producer had kept its offer prices for high-speed wire rod, bar-in-coil and rebar stable for February 21-28.
As of February 26, the average rebar price in the Chinese market was standing at RMB 4,690/mt ($724/mt) ex-warehouse, up by RMB 133/mt ($20.5/mt) or 2.9 percent from February 19, according to SteelOrbis’ data. As of February 26, rebar futures prices at Shanghai Futures Exchange increased by RMB 153/mt ($21.2/mt) or 3.4 percent to RMB 4,677/mt ($722/mt) compared to February 19.
Prices include 13 percent VAT.
$1 = RMB 6.4754