On January 26, Jiangxi Province-based Chinese steelmaker Xinyu Steel made its latest adjustments to its longs prices, cutting its prices for various products. The details are as follows:
1. High speed wire rod prices are down RMB 40/mt ($6/mt) compared to the producer's previous price announcement on January 16. As a result, ex-factory prices of 6.5 mm Q235 are now at RMB 4,000/mt ($587/mt).
2. Rebar prices have declined by RMB 60/mt ($9/mt) compared to the previous announcement. Following the adjustment, the price of 16-22 mm diameter HRB 335 stands at RMB 3,860/mt ($566/mt).
3. Hard wire prices have slipped by RMB 50/mt ($7/mt). Thus, the new price of 6.5 mm 45# is RMB 4,090/mt ($600/mt).
The above prices include 17 percent VAT and are effective as of January 26, 2010.
$1 = RMB 6.82