Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has issued its list prices for all long steel products for November 1-10. Accordingly, the company has kept its offer prices for rebar, debar-in-coil and high-speed wire rod stable at RMB 3,860/mt (542/mt), RMB 3,850/mt (544/mt) and RMB 3,770/mt ($531/mt) ex-works, respectively. All prices are on ex-works basis.
For the October 21-31 period, the producer had cut its offer prices for debar-in-coil, rebar and high-speed wire rod by RMB 100/mt ($14/mt) to RMB 3,860/mt (544/mt), RMB 3,850/mt (542/mt) and RMB 3,770/mt ($531/mt) ex-works, respectively.
As of October 31, the average rebar price in the Chinese market was standing at RMB 3,607/mt ($507/mt) ex-warehouse, decreasing by RMB 50/mt ($7.0/mt) or 1.4 percent from October 21, according to SteelOrbis’ data.
As of October 31, rebar futures at the Shanghai Futures Exchange were at RMB 3,427/mt ($481/mt), increasing by RMB 69/mt ($9.7/mt) or 2.1 percent since October 21, while decreasing by 1.19 percent compared to the previous trading day, October 30.
Prices include 13 percent VAT.