Daily Steel News - 13 Mar 09

Shagang cuts rebar and wire rod prices again
Eastern Chinese steelmaker Shagang announced prices for 16-25mm HRB335 rebar at RMB 3,350/t ($490/t) and 6.5mm wire rod prices to RMB 3,400/t. The low price cut is further evidence that market demand continues to trend downwards. SBB notes that Shanghai rebar prices have dipped again, by RMB 30/t or more, on prevailing offers last week of about RMB 3,280-3,290/t ($483/t). All prices include 17% VAT.