Jiangsu Province-based Chinese steelmaker Shagang Group has announced the latest adjustment in its ex-mill prices for long steel products, effective for late February (February 21-29, 2012). The details are as follows (comparisons being with prices for mid-February):
1. High-speed wire rod prices are down RMB 150/mt ($23/mt). Thus, the new price of 6.5 mm Q235 high-speed common carbon wire rod is RMB 4,100/mt ($651/mt).
2. Rebar prices are down RMB 180/mt ($28/mt). As a result, the price of 16-25 mm HRB 335 rebar has declined to RMB 4,100/mt ($651/mt), while the price of 16-25 mm HRB 400 rebar has fallen to RMB 4,220/mt ($670/mt).
3. Rebar in coil prices have been reduced by RMB 150/mt ($23/mt). Thus, the sales price of 8 mm HRB 400 rebar in coil is now RMB 4,150/mt ($659/mt).
All the above prices are ex-mill, include tax and are effective from February 29, 2012.
US$1 = RMB 6.29