Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for September 1-10. Accordingly, the company has raised its offer prices for debar-in-coil and rebar by RMB 50/mt ($7/mt) to RMB 3,510/mt (494/mt) and RMB 3,500/mt (493/mt), ex-works, respectively. All prices are on ex-works basis.
For the August 21-31 period, the producer had cut its offer prices for debar-in-coil and rebar by RMB 100/mt ($14/mt) to RMB 3,460/mt (485/mt) and RMB 3,450/mt (484/mt), ex-works.
As of August 30, the average rebar price in the Chinese market was standing at RMB 3,297/mt ($464/mt) ex-warehouse, increasing by RMB 124/mt ($17.5/mt) or 3.9 percent from August 20, according to SteelOrbis’ data.
As of August 30, rebar futures at the Shanghai Futures Exchange were at RMB 3,222/mt ($454/mt), increasing by RMB 50/mt ($7/mt) or 1.6 percent since August 20, while decreasing by 1.2 percent compared to the previous trading day, August 29.
Prices include 13 percent VAT.
$1 = RMB 7.1027
