Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for June 11-20. Accordingly, the company has increased its offer prices for rebar by RMB 150/mt ($21.1/mt) to RMB 4,000/mt ($562/mt), though it has raised its prices for high-speed wire rod and debar-in-coil by RMB 100/mt ($14) at RMB 4,010/mt ($563/mt) and RMB 4,100/mt ($576/mt). All prices are on ex-works basis.
For the June 1-10 period, the producer has cut its offer prices for rebar by RMB 50/mt ($14.1/mt) to RMB 3,850/mt ($542.5/mt), though it has decreased its prices for high-speed wire rod and debar-in-coil by RMB 200/mt ($28.2) at RMB 3,910/mt ($551/mt) and RMB 4,000/mt ($564/mt).
As of June 9, the average rebar price in the Chinese market was standing at RMB 3,767/mt ($529/mt) ex-warehouse, moving up by RMB 157/mt ($22.0/mt) or 4.3 percent from May 31, according to SteelOrbis’ data. Demand for rebar has improved, which has exerted a positive impact on rebar, high-speed wire rod and debar-in-coil prices.
As of June 9, rebar futures prices at the Shanghai Future Exchange were standing at RMB 3,711/mt ($521/mt) ex-warehouse, moving up by RMB 248/mt ($35/mt) or 7.2 percent from May 31.
Prices include 13 percent VAT.
$1 = RMB 7.1212
