Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for May 11-20. Accordingly, the company has raised all its offer prices for high-speed wire rod, bar-in-coil and rebar by RMB 600/mt ($93.4/mt) to RMB 6,310/mt ($982/mt), RMB 6,400/mt ($996/mt), and RMB 6,150/mt ($957/mt), respectively. All prices are on ex-works basis.
For May 1-10, the producer had raised its offer prices for high-speed wire rod and bar-in-coil by RMB 450/mt, while increasing offer prices for rebar by RMB 300/mt. As a result, in total rebar prices of Shagang Group have skyrocketed by RMB 900/mt or $140/mt in May so far.
As of May 10, the average rebar price in the Chinese market was standing at RMB 6,197/mt ($964.5/mt) ex-warehouse, up by RMB 950/mt ($148/mt) or 18.1 percent from April 30, according to SteelOrbis’ data. As of May 10, rebar futures prices at Shanghai Futures Exchange increased by RMB 621/mt ($96.6/mt) or 11.5 percent to RMB 6,012/mt ($936/mt) compared to April 30.
Prices include 13 percent VAT.
$1 = RMB 6.4254