Shagang Steel lifts rebar prices as demand builds up

China's largest private-sector steelmaker Jiangsu Shagang lifted its rebar prices for mid-April by 150 yuan/t ($22.50/t) and its wire rod and coiled rebar prices by Yn60/t ($9/t), which were higher than market expectations.

Shagang's price increases track recent robustness in the domestic steel market amid rising downstream demand. The pace of rebar inventory declines has accelerated over the past two weeks.

The Argus-assessed Shanghai rebar price has increased by Yn190/t to Yn4,070/t since the beginning of April.

Shagang's price for rebar specification HRB400 with 16-25mm diameter will be offered at Yn4,200/t ($625.50/t). Shanghai traders offered this product at Yn4,070/t ex-warehouse on 10 April.

All prices include a 13pc value-added tax.

Shagang listed prices effective from 11 April:

• HRB400 6mm rebar at Yn4,600/t

• HRB400 8-10mm rebar at Yn4,300/t

• HRB400 16-25mm rebar at Yn4,200/t

• HRB400 10mm rebar at Yn4,360/t

• HRB400 12mm rebar at Yn4,300/t

• HRB400 14mm rebar at Yn4,230/t

• HRB400 28-32mm rebar at Yn4,260/t

• HRB400 36mm and 40mm rebar at Yn4,450/t

• HRB500 rebar sizes are Yn450/t higher than HRB400

• HRB500E rebar sizes are Yn480/t higher than HRB400

• HPB300 6.5mm wire rod at Yn4,200/t