Shagang Group, China’s leading privately-owned steelmaker headquartered in East China’s Jiangsu province, has decided to cut its rebar list price by Yuan 100/tonne ($13.9/t) for sales over November 11-20, the company announced on Friday morning.
The latest price adjustment was just made following the steel giant’s cut of Yuan 100/t for the prior 10-day sales period, Mysteel Global noted.
Meanwhile, Shagang has rolled over its list prices of wire rod and bar-in-coil for the sixth successive 10-day cycle, according to the company.
With the latest pricing policy, Shagang’s HRB400 16-35mm rebar is now priced at Yuan 3,900/t, while its HPB300 6-10mm high-speed wire rod is still at Yuan 4,310/t, and HRB400 8-10mm bar-in-coil remains unchanged at Yuan 4,400/t, all in terms of EXW and including the 13% VAT.
Shagang’s latest decision indicated that China’s demand for construction steel may remain subdued in the near term amid sporadic COVID outbreaks in some regions across the country, a Shanghai-based analyst told Mysteel Global.
Mysteel’s survey on sales of rebar, wire rod and bar-in-coil among 237 Chinese steel trading houses showed the volume averaged 168,054 tonnes/day over November 1-10, 10.4 % higher than that of the prior 10 days.
Written by Villanelle Xia, xiayi@mysteel.com
Note: This article has been written in accordance with an article exchange agreement between Mysteel Global and SteelMint.
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