Singapore — China's largest privately owned steelmaker, Jiangsu Shagang Group, has rolled over its domestic rebar and wire rod list prices for sales over January 11-20, a mill source said Friday.
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The price of Shagang's 16-25 mm diameter HRB 400 rebar will remain at Yuan 3,880/mt ($575/mt), including 16% value added tax, the source said.
The steelmaker has cut its rebar list prices by a total of Yuan 900/mt since the end of November, mirroring falling spot market prices. The latest rebar list price is the lowest ince mid-April last year.
Shagang's rollover reflects the slow and relatively stable spot market ahead of China's Lunar New Year holidays (February 4-10), which is unlikely to see any major adjustments for the rest of this month with market participants ceasing business to travel home , a Shanghai-based trader said.
Shagang also held its wire rod prices stable for January 11-20, putting HPB300 6.5 mm wire rod at Yuan 3,980/mt, including VAT, the source said.
On Friday, the most active May rebar contract on the Shanghai Futures Exchange closed at Yuan 3,539/mt, up Yuan 25/mt, or 0.7% on the day.
--Edited by Alisdair Bowles, firstname.lastname@example.org
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