Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for March 21-31. Accordingly, the company has 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. All prices are on ex-works basis.
For the March 11-20 period, the producer had cut its offer prices for rebar and debar-in-coil by RMB 50/mt ($7/mt) to RMB 3,450/mt (481/mt) and RMB 3,560/mt (496.5/mt), respectively.
As of March 20, the average rebar price in the Chinese market was standing at RMB 3,307/mt ($461/mt) ex-warehouse, decreasing by RMB 46/mt ($7/mt) or 1.4 percent from March 10, according to SteelOrbis’ data.
As of March 20, rebar futures at the Shanghai Futures Exchange were at RMB 3,176/mt ($443/mt), decreasing by RMB 44/mt ($6.1/mt) or 1.4 percent since March 13, while increasing by 0.22 percent compared to the previous trading day, March 19.
Prices include 13 percent VAT.