Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for September 11-20. Accordingly, the company has cut its offer prices for 16-20 mm HRB400 rebar and 8-10 mm HRB400 debar-in-coil by RMB 100/mt ($14/mt) and RMB 150/mt ($21/mt) to RMB 3,450/mt ($486/mt) and RMB 3,560/mt ($501/mt), respectively. There are corresponding price increases for different specifications. All prices are on ex-works basis.
For the September 1-10 period, the producer had kept its offer prices for rebar and debar-in-coil stable, at RMB 3,550/mt ($497/mt) and RMB 3,710/mt ($519/mt).
As of September 10, the average rebar price in the Chinese market was standing at RMB 3,210/mt ($452/mt) ex-warehouse, decreasing by RMB 30/mt ($8/mt) or 0.9 percent from August 29, according to SteelOrbis’ data.
As of September 10, rebar futures at the Shanghai Futures Exchange were at RMB 3,109/mt ($435/mt), increasing by RMB 19/mt ($2.7/mt) or 0.6 percent since August 29, while down 0.73 percent compared to the previous trading day, September 9.
Prices include 13 percent VAT.
$1 = RMB 7.1034