Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for January 11-20. Accordingly, the company has cut its offer prices for debar-in-coil, rebar and high-speed wire rod by another RMB 100/mt ($14/mt) to RMB 3,510/mt (488/mt), RMB 3,500/mt (487/mt) and RMB 3,420/mt ($476/mt) ex-works, respectively. All prices are on ex-works basis.
For the January 1-10 period, the producer had cut its offer prices for debar-in-coil, rebar and high-speed wire rod by RMB 100/mt ($14/mt) to RMB 3,610/mt (502/mt), RMB 3,600/mt (501/mt) and RMB 3,520/mt ($490/mt) ex-works, respectively.
As of January 10, the average rebar price in the Chinese market was standing at RMB 3,340/mt ($464.5/mt) ex-warehouse, decreasing by RMB 83/mt ($11.5/mt) or 2.4 percent from December 31, according to SteelOrbis’ data.
As of January 10, rebar futures at the Shanghai Futures Exchange were at RMB 3,202/mt ($445/mt), decreasing by RMB 107/mt ($15/mt) or 3.2 percent since December 31, while increasing by 0.03 percent compared to the previous trading day, January 9.
Prices include 13 percent VAT.
$1 = RMB 7.1885