Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for March 21-31. Accordingly, the company has cut its offer prices for rebar and debar-in-coil by RMB 100/mt ($14/mt) and RMB 200/mt ($28/mt) to RMB 3,920/mt ($552/mt) and RMB 3,960/mt ($558/mt), respectively. All prices are on ex-works basis.
For the March 11-20 period, the producer had cut its offer prices for rebar and debar-in-coil by RMB 100/mt ($14/mt) to RMB 4,020/mt ($566/mt) and RMB 4,160/mt ($586/mt), respectively.
As of March 20, the average rebar price in the Chinese market was standing at RMB 3,647/mt ($535/mt) ex-warehouse, decreasing by RMB 150/mt ($21.1/mt) or 3.96 percent from March 8, according to SteelOrbis’ data.
As of March 20, rebar futures at the Shanghai Futures Exchange were at RMB 3,570/mt ($520/mt), decreasing by RMB 121/mt ($17/mt) or 3.3 percent since March 8, while rising by 0.71 percent compared to the previous trading day, March 19.
Prices include 13 percent VAT.
$1 = RMB 7.0942