Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for November 21-30. Accordingly, the company has raised its offer prices for rebar and debar-in-coil by RMB 200/mt ($28/mt) to RMB 4,200/mt ($588/mt) and RMB 4,380/mt ($613/mt), respectively. All prices are on ex-works basis.
For the November 11-20 period, the producer had raised its offer prices for rebar and debar-in-coil by RMB 150/mt ($21/mt) to RMB 4,000/mt ($557/mt) and RMB 4,180/mt ($582/mt), respectively.
As of November 20, the average rebar price in the Chinese market was standing at RMB 4,043/mt ($566/mt) ex-warehouse, increasing by RMB 66/mt ($9.2/mt) or 1.66 percent from November 10, according to SteelOrbis’ data.
As of November 20, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,983/mt ($558/mt), increasing by RMB 104/mt ($14.6/mt) or up 2.7 percent since November 10, while increasing by 0.66 percent compared to the previous trading day (November 17).
Prices include 13 percent VAT.
$1 = RMB 7.1406