China's largest privately owned steelmaker Jiangsu Shagang Group has lifted its rebar and wire rod domestic selling prices by Yuan 150/mt and Yuan 100/mt respectively for March 1-10 from the previous 10-day period, market sources said March 1.
This was the first time we have seen Shagang lift its selling prices since the end of January.
The price of Shagang's 16-25 mm diameter HRB 400 rebar was at Yuan 4,850/mt ($749/mt), including 13% value added tax, sources said.
The steelmaker raised its wire rod price by Yuan 100/mt, which put HPB300 6.5 mm rod at Yuan 4,960/mt, including VAT, they added.
In the actively traded Hangzhou market, rebar traded at Yuan 4,650/mt on March 1, up Yuan 20/mt from Feb. 22 -- the last time Shagang announced its price -- a source at Shagang said. Hangzhou market prices are used as a yardstick in the eastern China rebar market.
Strong futures market in China had subsequent impact on rebar and wire rod spot prices. Some market participants expected that domestic demand in China would fully resume this week after holidays.
The most actively traded May 2021 rebar futures contract on the Shanghai Futures Exchange closed at Yuan 4,639/mt March 1, up Yuan 57/mt from Feb. 22.
-- Steel Business Briefing
Source : Steel Business Briefing
