Shagang keeps ex-works rebar prices flat
China's largest private-sector steel producer Jiangsu Shagang has kept its rebar ex-works prices flat for mid-December deliveries in an attempt to stabilise market sentiment.
Shagang's base rebar specification HRB400 with 16-25mm diameter will be offered at 4,210 yuan/t ($598/t) for mid-December deliveries, effective 11 December.
Construction demand has started to weaken in major markets, as is typical in the winter. Nationwide stocks held by trading firms and mills increased by more than 110,000t over the two weeks to 7 December to 4.9mn t, third-party data show. Shanghai rebar prices have fallen by Yn100/t since 2 December to Yn3,930/t ex-warehouse.
Shagang, which is based in east China, did not cut prices on expectations that supplies may tighten to some extent after three major producers in the region announced maintenance plans for rebar production lines in December. This will lead to an estimated rebar output cut of 222,000t this month.
Shagang is one of China's largest steel producers, which allows it to sell products at a premium to secondary steel prices.
Shagang reduced its wire rod and small-sized rebar in coil prices by Yn150/t.
Shagang listed prices, effective 11 December:
- HRB400 6mm rebar at Yn4,560/t
- HRB400 8-10mm rebar at Yn4,310/t
- HRB400 16-25mm rebar at Yn4,210/t
- HRB400 10mm rebar at Yn4,370/t
- HRB400 12mm rebar at Yn4,310/t
- HRB400 14mm rebar at Yn4,240/t
- HRB400 28-32mm rebar at Yn4,270/t
- HRB400 36mm and 40mm rebar at Yn4,460/t
- HRB500 rebar sizes are Yn350/t above HRB400
- HRB500E rebar sizes are Yn380/t above HRB400
- HPB300 6.5mm wire rod at Yn4,270/t
source: Argus Media
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