Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for October 21-31. Accordingly, the company has cut its offer prices for debar-in-coil, rebar and high-speed wire rod by RMB 100/mt ($14/mt), to RMB 3,860/mt (544/mt), RMB 3,850/mt (542/mt), and RMB 3,770/mt ($531/mt) ex-works, respectively. All prices are on ex-works basis.
For the October 11-20 period, the producer had kept its offer prices for debar-in-coil and rebar stable, standing at RMB 3,960/mt ($558/mt) and RMB 3,950/mt ($556/mt), ex-works, respectively.
As of October 21, the average rebar price in the Chinese market was standing at RMB 3,657/mt ($515/mt) ex-warehouse, decreasing by RMB 160/mt ($22.5/mt) or 4.2 percent from October 10, according to SteelOrbis’ data.
As of October 21, rebar futures at the Shanghai Futures Exchange were at RMB 3,358/mt ($473/mt), decreasing by RMB 84/mt ($11.8/mt) or 2.4 percent since October 10, while increasing by 1.08 percent compared to the previous trading day, October 18.
Prices include 13 percent VAT.