Shagang hikes rebar price by $31/t for late-Dec sales

Shagang Group, China’s largest rebar producer headquartered in East China’s Jiangsu province, has raised its rebar list prices by Yuan 200/tonne ($30.6/t) from its previous ten-day pricing policy for domestic sales over December 21-31, but it has kept the prices of wire rod and bar-in-coil unchanged for the third pricing cycle, or the whole month of December.

On the same day, Shagang, also the largest electric-arc-furnace (EAF) steelmaker in China, has raised its steel scrap procurement prices by Yuan 80/tonne ($12.2/t) effective from December 21 amid solid demand while tight supply in the winter. Shagang’s rebar price increase, however, has been below the spot domestic price surge recently, as the HRB400