China's Shagang lifts rebar and wire rod prices again
Shagang is to raise its ex-works prices for rebar and wire rod for early June delivery, eastern China's leading producer announced on 1 June. Prices for 16-25mm HRB335 rebar have been raised by RMB 30/tonne ($4/t) to RMB 3,550/t ($520/t), and those for 6.5mm carbon wire rod by RMB 80/t to RMB 3,630/t. Shagang lifted rebar prices by RMB 170/t and wire rod prices by RMB 210/t in May, Steel Business Briefing notes. Following the adjustment, prices for 16-25mm HRB335 rebar at Hangzhou in Zhejiang province inched up by RMB 20-30/t on 1 June to RMB 3,560-3,570/t. But a local trader thinks prices will quickly peak. Shanghai prices also increased by about RMB 50/t on the same day. As a result, prices for 16-25mm HRB335 rebar are quoted at about RMB 3,470-3,490/t, while same sized HRB400 prices have risen to RMB 3,550-3,590/t. Beijing prices have headed in a similar direction, increasing by RMB 30-50/t and taking 16-25mm HRB335 prices to about 3,650-3,680/t. All prices quoted include 17% VAT. In line with domestic prices, rebar producers have lifted export offers to a prevailing $500-520/t fob, compared with around $480-495/t fob in May. But the prices hikes have made it more difficult to conclude transactions, SBB understands.
Shagang is to raise its ex-works prices for rebar and wire rod for early June delivery, eastern China's leading producer announced on 1 June. Prices for 16-25mm HRB335 rebar have been raised by RMB 30/tonne ($4/t) to RMB 3,550/t ($520/t), and those for 6.5mm carbon wire rod by RMB 80/t to RMB 3,630/t. Shagang lifted rebar prices by RMB 170/t and wire rod prices by RMB 210/t in May, Steel Business Briefing notes. Following the adjustment, prices for 16-25mm HRB335 rebar at Hangzhou in Zhejiang province inched up by RMB 20-30/t on 1 June to RMB 3,560-3,570/t. But a local trader thinks prices will quickly peak. Shanghai prices also increased by about RMB 50/t on the same day. As a result, prices for 16-25mm HRB335 rebar are quoted at about RMB 3,470-3,490/t, while same sized HRB400 prices have risen to RMB 3,550-3,590/t. Beijing prices have headed in a similar direction, increasing by RMB 30-50/t and taking 16-25mm HRB335 prices to about 3,650-3,680/t. All prices quoted include 17% VAT. In line with domestic prices, rebar producers have lifted export offers to a prevailing $500-520/t fob, compared with around $480-495/t fob in May. But the prices hikes have made it more difficult to conclude transactions, SBB understands.
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