China: Shagang Steel lowers construction steel prices up to $45/t

China’s Shagang Steel has reduced long steel products prices for end-Jun’22 sales. Volatility in Chinese futures and declining domestic demand weighed on prices.

Effective prices:

• Rebar (16-25 mm): RMB 5,050/t ($754/t), down RMB 300/t ($45/t)
• Wire rods (6-10 mm): RMB 5,110/t ($763/t), down RMB 200/t ($30/t)
• Coiled rebar (8-10 mm): RMB 5,200/t ($777/t), down RMB 200/t ($30/t)