Posted on 02 Dec 2022
Shagang Group (Shagang), China's largest privately-owned steel producer headquartered in East China's Jiangsu province, announced on Thursday morning that it is keeping its list prices of rebar, wire rod and bar-in-coil unchanged for domestic sales over December 1-10, after having lifted the prices by Yuan 50/tonne ($7.1/t) in the prior 10-day period, Mysteel Global noted.
With the latest pricing policy, Shagang's HRB400 16-25mm rebar is still priced at Yuan 3,950/t for the first 10 days of December, and HPB300 6-10mm high-speed wire rod and HRB400 8-10mm bar-in-coil remain at Yuan 4,360/t and Yuan 4,450/t respectively, all in terms of EXW and including the 13% VAT.
"A powerful cold wave has been sweeping across China, which led the domestic steel demand to show further signs of weakening during the traditional off-season for steel consumption in winter," said a steel analyst in Shanghai.
Many market participants remained rather cautious about China's steel-market outlook, he added.
Over November 21-30, the daily trading volume of construction steel comprising rebar, wire rod and bar-in-coil among 237 Chinese steel trading houses under Mysteel's tracking dwindled further by 31,125 tonnes/day or 18.6% from mid-November's average.
Shagang releases its list prices three times a month, which is usually regarded as an indicator of the country's market sentiment for long steel products, particularly in East China, Mysteel Global notes.
As of November 30, the HRB400E 20mm dia rebar price in Nanjing, the capital city of Jiangsu, was assessed by Mysteel at Yuan 3,950/t including the 13% VAT, down by 30/t from that on November 18.
Source:Kallanish
