Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for October 1-10. Accordingly, the company has raised its offer prices for debar-in-coil and rebar by RMB 350/mt ($49/mt) to RMB 3,960/mt ($558/mt) and RMB 3,950/mt ($556/mt), ex-works, respectively. All prices are on ex-works basis.
For the September 21-30 period, the producer had raised its offer prices for debar-in-coil and rebar by RMB 100/mt ($14/mt) to RMB 3,610/mt (509/mt) and RMB 3,600/mt ($507/mt), ex-works, respectively.
As of September 30, the average rebar price in the Chinese market was standing at RMB 3,477/mt ($490/mt) ex-warehouse, increasing by RMB 137/mt ($19.3/mt) or 4.1 percent from September 20, according to SteelOrbis’ data.
As of September 30, rebar futures at the Shanghai Futures Exchange were at RMB 3,551/mt ($500/mt), increasing by RMB 386/mt ($54/mt) or 12.2 percent since September 20, while rising by 6.99 percent compared to the previous trading day, September 27.
Prices include 13 percent VAT.
$1 = RMB 7.0709