China: Shagang Steel cuts long steel prices by up to $14/t for mid-Aug’24

China’s Shagang Steel has reduced long steel prices for rebar by RMB 70/t ($10/t). On the other hand, wire rod and coiled rebar offers decreased by RMB 100/t ($14/t) for mid-Aug’24 sales. Effective prices:

• Rebar (16-25 mm): RMB 3,550/t ($494/t)
• Wire rod (6-10 mm): RMB 3,470/t ($483/t)
• Coiled rebar (8-10 mm): RMB 3,560/t ($496/t)
• All prices are ex-mill, including VAT.