News

Chinese rebar and wire rod price remain high

It is reported that construction steel export prices remain at high levels in China despite downward correction in domestic market. However, the price gap between steel makers has been widened again. The market is actually in chaos.

Domestic market prices are still in adjustment and the dull period is expected to maintain for some time. Shanghai market prices for HRB335 20mm rebar is being quoted at 5230 per tonne to 5240 per tonne up by CNY 30 per tonne to CNY 40 per tonne from last Friday. HRB400 grade material is being quoted at CNY 5480 per tonne to CNY 5510 per tonne an increase of CNY 50 per tonne. Commercial wire rod is at CNY 5520 per tonne that for hi speed material rise by CNY 20 per tonne to CNY 30 per tonne to CNY 5860 per tonne to CNY 5870 per tonne.

An east China based trader said "Shagang's high offer is due to its entry to Dubai market and it could enjoy a sky high level of USD 1400 per tonne CFR. As far as my knowledge, only Shagang is allowed to sell its rebar in the local market of Dubai and other Chinese steel makers are still waiting for the approval of certifications."

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