China’s Jiangsu Shagang Steel has rolled over its long-finished steel prices for late April deliveries, except for a few grades of wire rod products, prices of which were hiked marginal by CNY100/mt ($15/mt) from mid-April. The steelmaker decided to hold prices to ensure earlier hikes are fully absorbed by the market.
Rebar (HRB400,16-25 mm) prices are at CNY5,250/mt ($809/mt) ex-works for deliveries in the period April 21-30. Spot sales prices are unchanged after two successively hikes amid bullish global cues in April. Offers for wire rod (HPB300, 8mm) were unchanged at CNY5,350/mt ($825/mt) ex-works inclusive of 13pc VAT.
Flat finished steel prices remained unchanged after a sharp rise in late March. The steelmaker offers HRC Q235B at CNY5,580/mt ($850) ex-works with export offers for HRC at $900-910/mt fob China.
| Shagang Steel’s retail prices for end-April | |||
|---|---|---|---|
| Products | Grade | CNY/mt | Change |
| Rebar | HRB400 | 5370 | 0 |
| HRB500 | 5670 | 0 | |
| Rebar wire rod | HRB400 | 5450 | 0 |
| Wire | HPB300 | 5360 | 0 |
| 30MnSi | 5880 | 100 | |
| Hot-rolled coil | Q235B | 5580 | 0 |
| Q355B | 5710 | 0 | |
| SPHC | 5590 | 0 | |
| Wide plate | Q235B | 5550 | 0 |
Raw material prices bullish
Chinese spot 62pc iron ore prices have hit a 10-year high nearing $190/mt cfr north China. After conclusions of billets deals from ASEAN and Indian suppliers at $650-660/mt cfr China, demand has slowed in the last few days. In the domestic market, prices for Q235 150mm square billet prices marginally drop amid slow demand. Billet offered at CNY4,940/mt ($763/mt) ex-Tangshan including VAT.
($1=CNY6.49)