Shagang clips list prices for steel longs for late-August sales

Shagang Group (Shagang), China's leading privately-owned steel firm and the country's largest electric-arc-furnace steelmaker, has decided to cut its long-product list prices by Yuan 50/tonne ($7.4/t) for sales over August 21-31 from the middle ten days of the month, according to the company's latest announcement on August 21.

The Zhangjiagang-based steel group updates its list prices for long steel products such as rebars three times a month to better reflect market dynamics, as reported. With its latest pricing policy, the price of Shagang's HRB400 16-20mm rebar is now Yuan 3,250/t, that for its HPB300 6-10mm wire rod is