On January 1, Jiangsu Province-based Chinese steelmaker Shagang made upward adjustments to its ex-factory longs prices for early January. The details are as follows:
1. Rebar prices are up RMB 50/mt ($7/mt) from late December levels. As a result, the price of 14-25 mm diameter HRB 335 is now at RMB 3,780/mt ($554/mt).
2. High speed wire rod prices have increased by RMB 150/mt ($22/mt). Thus, the new price of 6.5 mm Q235 is at RMB 3,950/mt ($579/mt).
3. Coiled rebar prices have gone up by RMB 150/mt ($22/mt). As a result, the new price of 8 mm diameter HRB 400 is now at RMB 4,180/mt ($613/mt).
The above prices include 17 percent VAT and are effective from January 1 to January 10, 2010.
$1 = RMB 6.83