Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for January 21-31. Accordingly, the company has cut its offer prices for rebar and debar-in-coil by RMB 50/mt ($7.0/mt) to RMB 4,120/mt ($579.5/mt) and RMB 4,260/mt ($599/mt), respectively. All prices are on ex-works basis.
For the January 11-20 period, the producer had 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.
As of January 19, the average rebar price in the Chinese market was standing at RMB 3,977/mt ($559/mt) ex-warehouse, decreasing by RMB 13/mt ($1.8/mt) or 0.3 percent from January 10, according to SteelOrbis’ data.
As of January 19, rebar futures at the Shanghai Futures Exchange were standing at RMB 3,915/mt ($551/mt), increasing by RMB 28/mt ($3.9/mt) or up 0.7 percent since January 10, while rising by 0.93 percent compared to the previous trading day (January 18).
Prices include 13 percent VAT.