Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for March 11-20. Accordingly, the company has 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. All prices are on ex-works basis.
For the March 1-10 period, the producer had kept its offer prices for rebar and debar-in-coil stable at RMB 4,120/mt and RMB 4,260/mt, respectively.
As of March 8, the average rebar price in the Chinese market was standing at RMB 3,797/mt ($535/mt) ex-warehouse, decreasing by RMB 126/mt ($17.7/mt) or 3.2 percent from February 29, according to SteelOrbis’ data.
As of March 8, rebar futures at the Shanghai Futures Exchange were at RMB 3,691/mt ($520/mt), decreasing by RMB 97/mt ($4.9/mt) or 2.6 percent since February 29, while declining by 0.62 percent compared to the previous trading day, March 7.
Prices include 13 percent VAT.