Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for July 11-20. Accordingly, the company has kept its offer prices for high-speed wire rod and debar-in-coil stable at RMB 5,610/mt ($866/mt) and RMB 5,600/mt ($864/mt). The producer has raised its prices for rebar by RMB 200/mt ($30.9/mt) to RMB 5,300/mt ($818/mt). All prices are on ex-works basis.
For July 1-10, the producer had kept its offer prices for high-speed wire rod and rebar stable, while it had cut its prices for debar-in-coil by RMB 100/mt ($15.5/mt).
As of July 9, the average rebar price in the Chinese market was standing at RMB 5,063/mt ($781.5/mt) ex-warehouse, up by RMB 180/mt ($27.8/mt) or 3.7 percent from June 30, according to SteelOrbis’ data, amid increased futures prices and the more positive outlook amid expected production cuts in the second half of the year. As of July 9, rebar futures prices at Shanghai Futures Exchange increased by RMB 281/mt ($43.4/mt) or 5.5 percent to RMB 5,428/mt ($838/mt) compared to June 30.
Prices include 13 percent VAT.