Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for December 1-10. Accordingly, the company has raised its offer prices for rebar, high-speed wire rod and debar-in-coil by RMB 50/mt ($7/mt) to RMB 4,250/mt ($599/mt), RMB 4,340/mt ($611/mt) and RMB 4,430/mt ($624/mt), respectively. All prices are on ex-works basis.
For the November 21-30 period, the producer had 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.
As of November 30, the average rebar price in the Chinese market was standing at RMB 4,017/mt ($566/mt) ex-warehouse, decreasing by RMB 26/mt ($3.7/mt) or 0.6 percent from November 20, according to SteelOrbis’ data.
As of November 30, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,913/mt ($551/mt), decreasing by RMB 70/mt ($9.9/mt) or down 1.76 percent since November 20, while increasing by 0.23 percent compared to the previous trading day (November 29).
Prices include 13 percent VAT.
$1 = RMB 7.1104