Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for August 11-20. Accordingly, the company has cut its offer prices for rebar by RMB 70/mt ($10/mt) to RMB 3550/mt (498/mt), while no debar-in-coil products are being sold. All prices are on ex-works basis.
For the August 1-10 period, the producer had cut its offer prices for rebar and debar-in-coil by RMB 150/mt ($14/mt) to RMB 3,620/mt ($508/mt) and RMB 3,660/mt ($513/mt), ex-works, respectively.
As of August 9, the average rebar price in the Chinese market was standing at RMB 3,287/mt ($461/mt) ex-warehouse, decreasing by RMB 33/mt ($5/mt) or 1.0 percent from July 31, according to SteelOrbis’ data.
As of August 9, rebar futures at the Shanghai Futures Exchange were at RMB 3,277/mt ($460/mt), decreasing by RMB 49/mt ($6.9/mt) or 1.5 percent since July 31, while decreasing by 0.27 percent compared to the previous trading day, August 8.
Prices include 13 percent VAT.