Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for January 11-20. Accordingly, the company has kept its offer prices for high-speed wire rod and bar-in-coil stable at RMB 4,860/mt ($750/mt) and RMB 4,900/mt ($757/mt), respectively, though raising its price for rebar by RMB 50/mt ($8/mt) to RMB 4,700/mt ($726/mt). All prices are on ex-works basis.
The producer had raised its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 150/mt ($23/mt) for January 1-10.
Though the rebar price rise is slower than in the previous period, it is still a positive sign for the market, as spot prices have declined slightly since January 8. As of January 8, the average rebar price in the Chinese market was standing at RMB 4,463/mt ($675/mt) ex-warehouse, rising by RMB 46/mt ($7.1/mt) from December 31, according to SteelOrbis’ data. But on January 11 the price level was down by RMB 16/mt ($2.5/mt).
As of January 8, rebar futures prices at Shanghai Futures Exchange increased by RMB 99/mt ($15/mt) or 2.3 percent to RMB 4,487/mt ($693/mt) compared to December 31. On January 11, they posted a 2.79 percent drop compared to the previous trading day (January 8).
Prices include 13 percent VAT.