On July 11, Jiangsu Province-based Chinese steel producer Shagang Group made downward adjustments to its ex-works prices of certain long steel products, compared to the levels announced on July 1.
1. The price of rebar is down by RMB 60/mt ($9/mt) compared with the price announced on July 1, with the current price of 14-25 mm HRB 335 thus standing at RMB 3,840/mt ($567/mt).
2. The price of high speed wire rod has decreased by RMB 200/mt ($29/mt), with the price of 6.5 mm Q235 common carbon high speed wire rod thereby declining to RMB 4,000/mt ($590/mt).
3. The price of rebar in coil has dropped by RMB 200/mt ($29/mt), and so 8 mm HRB 400 is currently standing at RMB 4,100/mt ($605/mt).
The above steel prices are ex-mill, include 17 percent VAT and are effective from July 11.
$1 = RMB 6.77