Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for June 1-10. Accordingly, the company has cut its offer prices for rebar by RMB 50/mt ($7/mt) to RMB 3,250/mt (451/mt), while it has kept its offer prices for debar-in-coil stable at RMB 3,410/mt ($481/mt), respectively. All prices are on ex-works basis.
For the May 21-31 period, the producer had kept its offer prices for rebar and debar-in-coil stable at RMB 3,300/mt (465/mt) and RMB 3,410/mt (481/mt) ex-works, respectively.
As of May 30, the average rebar price in the Chinese market was standing at RMB 3,153/mt ($438/mt) ex-warehouse, decreasing by RMB 90/mt ($12.5/mt) or 2.8 percent from May 20, according to SteelOrbis’ data.
As of May 30, rebar futures at the Shanghai Futures Exchange were at RMB 2,961/mt ($411/mt), decreasing by RMB 97/mt ($13.5/mt) or 3.2 percent since May 20, while down 0.34 percent compared to the previous trading day, May 29.
Prices include 13 percent VAT.