Shagang Jiangsu Group in China’s eastern region has hiked rebar prices by CNY50/mt ($7/mt) but kept its HRC and plate prices unchanged for early-November deliveries. The availability of wire rod remained weak in the market, pushing its prices up by CNY100/mt from late October deliveries. The mill had, for the past 50 days, kept prices unchanged by rolling them over five times.
Effective Nov 1, the company will offer rebar (HRB400,16-25 mm) at CNY3,950/mt ($590/mt) ex-works for deliveries till Nov 10 in the spot market after discounts. The company raised prices for wire rod by CNY100/mt to CNY4,210/mt ($628/mt) ex-works. All these prices are inclusive of 13pc VAT.
The retail price of HRC (Q235B) was kept unchanged at CNY4,380/mt ($657/mt) ex-works since October-end deliveries. CRC prices, however, were raised by CNY30/mt.
Finished steel retail prices for early November
|Products||Grade||CNY/mt||Change against end Oct shipments|
|Rebar wire rod||HRB400||4350||+100|
|Hot rolled coil||Q235B||4380||0|
In the market, prices for Q235 150mm square billets in Tangshan, Hebei rose by CNY10/mt on Monday to CNY3,460/mt ex-works, including 13pc VAT. Following Shagang’s footsteps, many other steelmakers, including the Zenith group, Yonggang Group, have increased prices.
In October, steel inventories lowered by 12-13pc against September.
China’s Manufacturing PMI improved to 53.6 in October from 53.0 in September as production and new orders boosted the country’s economy. The PMI level is at the highest since January 2011. Business confidence in China rose to a six-year high despite lower export sales. Chinese currency CNY has depreciated after hitting a 27-month high against $1 and stands at CNY6.68 from CNY6.62 levels on Oct 21.