Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for November 21-30. Accordingly, the company has raised its offer prices for rebar by RMB 300/mt or about $42.7/mt compared to the previous 10-day period to RMB 4,160/mt ($592.6/mt), while its offers for high-speed wire rod and bar-in-coil have been increased by RMB 150/mt ($21.4/mt) to RMB 4,370/mt ($622.5/mt) and RMB 4,410/mt ($628.2/mt), respectively. 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 60/mt in the previous period, November 11-20.
Due to quite good demand from downstream users amid warm winter season temperatures, average rebar spot prices in China have seen continued to rise, increasing by RMB 83/mt ($11.8/mt) on Wednesday, November 20, to RMB 4,273/mt ($609.6/mt) ex-warehouse, according to SteelOrbis’ data. Rebar futures prices at Shanghai Futures Exchange increased by RMB 86/mt ($12.3/mt) on Wednesday, though they have declined by RMB 41/mt ($5.8/mt) today, November 21.
Shagang Group’s price policy signals the more positive view of the mill of the prospects for long steel demand in late November. Other mills, including Jiangsu Province-based Nanjing Iron and Steel and Anhui Province-based Ma’anshan Iron and Steel have also raised their rebar prices, by RMB 30/mt ($4.3/mt) and RMB 50/mt ($7.1/mt), respectively, for late November, indicating overall bullish sentiments as regards the future prospects for the rebar market trend in the coming period.
$1 = RMB 7.0217