Posted on 03 Feb 2023
Shagang Group (Shagang), China's leading privately-owned steel producer headquartered in East China's Jiangsu, announced on February 1 to raise its rebar list prices by Yuan 200/tonne ($29.7/t) for domestic sales during the first 10 days of this month. This rise followed a roll-over of rebar prices for the previous sales period.
Shagang's rebar list prices, which the steel giant releases three times a month, are an indicator of the Chinese long steel-market sentiment, Mysteel Global notes.
With the new price adjustment, Shagang's HRB400 16-25mm dia rebar is priced at Yuan 4,400/t for sales over February 1-10, and both the list prices of HPB300 6-10mm high-speed wire rod and HRB400 8-10mm bar-in-coil went up by Yuan 150/t to reach Yuan 4,560/t and Yuan 4,650/t respectively.
The prices listed above are all in terms of EXW and including the 13% VAT, Mysteel Global understands.
As for the physical market, the spot price of HRB400E 20mm rebar in Shanghai – a major market for Shagang brand rebar – was assessed by Mysteel at Yuan 4,190/t including the 13% VAT as of February 1, or up Yuan 50/t from that on January 20.
Despite some positive macro-economic signals and better market outlook, the downstream demand for steel has yet to release until the Lantern Festival (on February 5) when most end-users will return to work, said a Shanghai-based analyst, noting that "we should beware of the lower-than-expected recovery in demand."
Source:Mysteel Global
