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|
|Rebar wire rod||HRB400||5450||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.