China: Shagang Steel cuts long steel prices by $21/t for late-Nov’24 sales

China’s Shagang Steel has reduced its long steel products’ prices for late-Nov’24 sales after keeping them stable in mid-Nov’24. Prices of rebars, coiled rebars, and wire rods dropped by RMB 150/t ($21/t). Effective prices stood as follows:

• Rebar (16-25 mm): RMB 3,700/t ($511/t)
• Coiled rebar (8-10 mm): RMB 3,710/t ($512/t)
• Wire rod (6-10 mm): RMB 3,620/t ($500/t)