Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for June 21-30. Accordingly, the company has cut its offer prices for rebar and debar-in-coil by RMB 100/mt, which will stand at RMB 3,970/mt ($572/mt) and RMB 4,010/mt ($578/mt), respectively. All prices are on ex-works basis.
For the June 11-20 period, the producer had kept its offer prices for rebar and debar-in-coil stable at RMB 4,070/mt ($572/mt) and RMB 4,110/mt ($578/mt), ex-works, respectively.
As of June 20, the average rebar price in the Chinese market was standing at RMB 3,640/mt ($511/mt) ex-warehouse, decreasing by RMB 57/mt ($8/mt) or 1.5 percent from June 7, according to SteelOrbis’ data.
As of June 20, rebar futures at the Shanghai Futures Exchange were at RMB 3,597/mt ($505/mt), decreasing by RMB 58/mt ($8.1/mt) or 1.6 percent since June 7, while decreasing by 0.85 percent compared to the previous trading day, June 19.
Prices include 13 percent VAT.