Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for July 11-20. Accordingly, the company has kept its offer prices for high-speed wire rod, debar-in-coil and rebar stable at RMB 4,810/mt ($715/mt), RMB 4,900/mt ($728/mt), and RMB 4,800/mt ($713/mt), respectively. All prices are on ex-works basis.
The producer had cut its offer prices for high-speed wire rod, debar-in-coil and rebar by RMB 300/mt ($45/mt), RMB 300/mt ($45/mt) and RMB 250/mt ($37/mt) for July 1-10. As the reductions in early July were significant, the producer has decided to not cut its prices further for now, though overall sentiment is still far from positive.
As of July 8, the average rebar price in the Chinese market was standing at RMB 4,283/mt ($639/mt) ex-warehouse, moving down by 127/mt ($19/mt) or 2.9 percent from June 30, according to SteelOrbis’ data. As of July 8, rebar futures prices at the Shanghai Future Exchange were standing at RMB 4,196/mt ($626/mt), decreasing by RMB 182/mt ($27/mt) or 4.2 percent since June 30.
Prices include 13 percent VAT.
$1 = RMB 6.7287