Shagang Group, China's largest privately-owned steelmaker, has announced that it will maintain its list prices for long steel products, including rebar, wire rod, and bar-in-coil, for sales during the first ten days of December. This decision follows a previous price cut of Yuan 150 per tonne ($20.6) for the prior period. The HRB400 16-20 mm rebar remains priced at Yuan 3,700 per tonne, while the HPB300 6-10 mm high-speed wire rod is set at Yuan 3,620 per tonne. The HRB400 8-10 mm bar-in-coil is priced at Yuan 3,710 per tonne, all prices are EXW and include a 13% VAT.
A market insider in Shanghai noted that Shagang's decision to keep prices unchanged reflects a cautious approach as the steel market shows signs of seasonal slowdown. Despite this, many market participants remain optimistic that new stimulus measures from Beijing may be announced soon. The upcoming Central Economic Work Conference is expected to outline economic priorities for 2025, with preliminary discussions taking place in early December.
Recently, China's steel market fundamentals have shown weakness due to declining demand and production, which has impacted domestic steel prices. As of November 29, the national price of HRB400E 20 mm rebar had decreased by Yuan 15 per tonne from November 20, settling at Yuan 3,445 per tonne including VAT. Additionally, trading volumes for rebar and related products have seen a decline in late November compared to mid-month averages. Shagang also announced that its flat steel product prices for December remain unchanged from November levels.
