Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for April 11-20. Accordingly, the company has raised its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 200/mt ($30.5/mt) to RMB 5,260/mt ($802/mt), RMB 5,350/mt ($816/mt), and RMB 5,250/mt ($801/mt), respectively. All prices are on ex-works basis and include 13 percent VAT.
The producer had raised its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 100/mt, RMB 150/mt and RMB 200/mt respectively for the April 1-10 period.
As of April 9, the average rebar price in the Chinese market was standing at RMB 5,130/mt ($784/mt) ex-warehouse, up by RMB 233/mt ($35.6/mt) or 4.76 percent from March 31, according to SteelOrbis’ data. As of April 9, rebar futures prices at Shanghai Futures Exchange had increased by RMB 133/mt ($20.3/mt) or 2.7 percent to RMB 5,068/mt ($775/mt), as compared to March 31.
$1= RMB 6.5578