Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for July 1-10. Accordingly, the company has cut its offer prices for rebar by RMB 100/mt ($14/mt), standing at RMB 3,970/mt ($552/mt), while it has also kept its prices for high-speed wire rod and debar-in-coil stable at RMB 4,110/mt ($572/mt) and RMB 4,200/mt ($584/mt). All prices are on ex-works basis.
For the July 1-10 period, the producer had kept its offer prices for rebar stable at RMB 4,070/mt ($565/mt), while it had also kept its prices for high-speed wire rod and debar-in-coil stable at RMB 4,110/mt ($571/mt) and RMB 4,200/mt ($583/mt).
As of July 10, the average rebar price in the Chinese market was standing at RMB 3,733/mt ($519/mt) ex-warehouse, edging down by RMB 57/mt ($7.9/mt) or 1.5 percent from June 30, according to SteelOrbis’ data. Rebar futures prices moved on a downtrend, exerting a negative impact on rebar prices in spot market.
As of July 10, rebar futures prices at the Shanghai Future Exchange were standing at RMB 3,654/mt ($509/mt) ex-warehouse, down by RMB 67/mt ($9.3/mt) or 1.8 percent from June 30.
Prices include 13 percent VAT.
$1 = RMB 7.1886