China's Shagang lifts rebar and rod prices again
In line with market expectations, Shagang has increased rebar and wire rod ex-works prices for late May deliveries (21-31 May). Prices of 16-25mm HRB335 rebar and 6.5mm carbon wire rod have been respectively lifted by RMB 70/tonne ($10/t) and RMB 80/t to RMB 3,520/t ($516/t) and RMB 3,550/t, including 17% VAT. In total, Shagang has lifted rebar prices by RMB 170/t and wire rod prices by RMB 210/t during May, Steel Business Briefing notes. "Shangang raised prices to catch up with the market but I don't think its new prices will push up spot prices . they will just squeeze traders' profits," a Hangzhou trader says. As the trader predicted, Shagang's announcement did not see prices rise in either Hangzhou or Suzhou on 21 May. Hangzhou prices for Shagang sourced 16-25mm HRB335 remain unchanged at around RMB 3,530-3,550/t. Shanghai traders, however, tell SBB that local prices have increased slightly but transactions have yet to really improve. 16-25mm HRB335 rebar is offered at about RMB3,420-3,440/t, up by over RMB 20/t, and similar sized HRB400 rebar is priced at about RMB 3,520-3,530/t. A Suzhou trader thinks the price is likely to remain stable for a while, since new deliveries from mills are at normal levels. But given that billet prices in northern China's Tangshan area have dipped by about RMB 100/t to RMB3,100/t compared with the previous week, some traders worry rebar prices could also drop. All market prices include 17% VAT.
In line with market expectations, Shagang has increased rebar and wire rod ex-works prices for late May deliveries (21-31 May). Prices of 16-25mm HRB335 rebar and 6.5mm carbon wire rod have been respectively lifted by RMB 70/tonne ($10/t) and RMB 80/t to RMB 3,520/t ($516/t) and RMB 3,550/t, including 17% VAT. In total, Shagang has lifted rebar prices by RMB 170/t and wire rod prices by RMB 210/t during May, Steel Business Briefing notes. "Shangang raised prices to catch up with the market but I don't think its new prices will push up spot prices . they will just squeeze traders' profits," a Hangzhou trader says. As the trader predicted, Shagang's announcement did not see prices rise in either Hangzhou or Suzhou on 21 May. Hangzhou prices for Shagang sourced 16-25mm HRB335 remain unchanged at around RMB 3,530-3,550/t. Shanghai traders, however, tell SBB that local prices have increased slightly but transactions have yet to really improve. 16-25mm HRB335 rebar is offered at about RMB3,420-3,440/t, up by over RMB 20/t, and similar sized HRB400 rebar is priced at about RMB 3,520-3,530/t. A Suzhou trader thinks the price is likely to remain stable for a while, since new deliveries from mills are at normal levels. But given that billet prices in northern China's Tangshan area have dipped by about RMB 100/t to RMB3,100/t compared with the previous week, some traders worry rebar prices could also drop. All market prices include 17% VAT.
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