Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for March 11-20. Accordingly, the company has 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. All prices are on ex-works basis.
For the March 1-10 period, the producer had kept its offer prices for rebar and debar-in-coil stable at RMB 3,500/mt (488/mt) and RMB 3,610/mt (503.5/mt), respectively.
As of March 10, the average rebar price in the Chinese market was standing at RMB 3,353/mt ($468/mt) ex-warehouse, decreasing by RMB 44/mt ($6/mt) or 1.3 percent from February 28, according to SteelOrbis’ data.
As of March 10, rebar futures at the Shanghai Futures Exchange were at RMB 3,220/mt ($449/mt), decreasing by RMB 108/mt ($15/mt) or 3.2 percent since February 28, while decreasing by 1.35 percent compared to the previous trading day, March 7.
Prices include 13 percent VAT.