Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for April 1-10. Accordingly, the company has cut its offer prices for rebar and debar-in-coil by RMB 50/mt ($7/mt) to RMB 3,350/mt (467/mt) and RMB 3,460/mt (483/mt), respectively. All prices are on ex-works basis.
For the March 21-31 period, the producer had cut its offer prices for rebar and debar-in-coil by RMB 50/mt ($7/mt) to RMB 3,400/mt (474/mt) and RMB 3,510/mt (489.5/mt), respectively.
As of March 31, the average rebar price in the Chinese market was standing at RMB 3,313/mt ($462/mt) ex-warehouse, increasing by RMB 6/mt ($0.8/mt) or 0.2 percent from March 20, according to SteelOrbis’ data.
As of March 31, rebar futures at the Shanghai Futures Exchange were at RMB 3,159/mt ($443/mt), decreasing by RMB 17/mt ($2.4/mt) or 0.5 percent since March 20, while decreasing by 1.03 percent compared to the previous trading day, March 28.
Prices include 13 percent VAT.
$1 = RMB 7.1775