Jiangsu Shagang Group, China's largest privately-owned steelmaker, dropped its domestic rebar selling list price by Yuan 100/mt ($15/mt) for Sept. 1-10 from the previous 10-day period, a company source said Sept. 1. The company kept its rod price unchanged.

          The sales price of Shagang's 16-25 mm diameter HRB400 rebar has been set at Yuan 4,400/mt ($639/mt), including 13% value added tax, while the price of its 6.5 mm HPB300 rod has been set at Yuan 4,510/mt, including VAT, the source said.

          Rebar traded at Yuan 3,990/mt in the Hangzhou market, down Yuan 200/mt from the company's last price adjustment on Aug. 21, the source said. Hangzhou market prices are used as a yardstick in the east China rebar market.

          The most actively traded January 2023 rebar contract on the Shanghai Futures Exchange closed at Yuan 3,642/mt Sept. 1, down Yuan 161/mt, or 4.2%, from Aug. 22.