China's largest private-sector steel producer Jiangsu Shagang has cut its domestic rebar prices by 100 yuan/t ($14.60/t) for late-June deliveries.
Shagang's base rebar specification HRB400 with 16-25mm diameter will be offered at Yn3,970/t ($581/t) for late-June deliveries effective from today.
The company is continuing to offer discounts on previous sales.
Rebar prices in Shanghai have fallen by Yn80/t since 11 June. Slow off-season sales of rebar in the Chinese market have continued to weigh on prices.
China's rebar inventories have increased by around 330,000t in the past two weeks, third-party data show.
Shagang will also reduce wire rod and small-sized rebar in coil prices by Yn80/t for late-June deliveries.
Shagang listed prices effective from 21 June:
- HRB400 6mm rebar at Yn4,470/t
- HRB400 8-10mm rebar at Yn4,170/t
- HRB400 16-25mm rebar at Yn3,970/t
- HRB400 10mm rebar at Yn4,130/t
- HRB400 12mm rebar at Yn4,070/t
- HRB400 14mm rebar at Yn4,000/t
- HRB400 28-32mm rebar at Yn4,030/t
- HRB400 36mm and 40mm rebar at Yn4,120/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 Yn4,070/t
