Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for August 11-20. Accordingly, the company has raised its offer prices for high-speed wire rod and bar-in-coil by RMB 50/mt ($7/mt) to RMB 4,010/mt ($575.3/mt) and RMB 4,050/mt ($581.1/mt), respectively, while keeping its prices for rebar stable at RMB 3,900/mt ($559.5/mt). All prices are on ex-works basis.
The producer had increased its offer prices for rebar, high-speed wire rod and bar-in-coil by RMB 50/mt ($7/mt) for the August 1-10 period.
Rebar prices in the Chinese domestic market have moved up, increasing to RMB 3,830/mt ($549.5/mt) ex-warehouse as of August 10, from RMB 3,783/mt ex-warehouse on July 31, according to SteelOrbis’ data. As of August 10, rebar futures prices at Shanghai Futures Exchange increased by RMB 61/mt ($8.8/mt) or 1.62 percent to RMB 3,838/mt ($551/mt), compared to July 31. However, recently demand for construction steel has started to ease, preventing prices from recording further sharp rises.
$1 = RMB 6.9711