China: Shagang Steel cuts construction steel prices by up to $32/t

China’s Shagang Steel has cut long steel product prices for early-Mar’22 sales amidst slow end-user demand. Rebar is down RMB 100/t ($16/t), whereas wire rod and coiled rebar prices declined by RMB 200/t ($32/t). Effective prices from today:

• Rebar (16-25 mm): RMB 5,000/t ($792/t)
• Wire rods (6-10 mm): RMB 5,110/t ($809/t)
• Coiled rebar (8-10 mm): RMB 5,200/t ($824/t)

All prices are on ex-mill basis, including VAT.