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 rebar and debar-in-coil by RMB 80/mt ($11.3/mt) and RMB 120/mt ($16.9/mt) to RMB 4,170/mt ($587/mt) and RMB 4,310/mt ($607/mt), respectively. All prices are on ex-works basis.
For the January 1-10 period, the producer had kept its offer prices for rebar and debar-in-coil stable at RMB 4,250/mt ($600.5/mt) and RMB 4,430/mt ($626/mt), respectively.
As of January 10, the average rebar price in the Chinese market was standing at RMB 3,990/mt ($562/mt) ex-warehouse, decreasing by RMB 33/mt ($4.6/mt) or 0.8 percent from December 29, according to SteelOrbis’ data.
As of January 10, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,887/mt ($547.5/mt), decreasing by RMB 115/mt ($16.2/mt) or down 2.9 percent since December 29, while decreasing by 1.55 percent compared to the previous trading day (January 9).
Prices include 13 percent VAT.