Major Chinese producers lift early-June longs offers

2018-06-06 08:48:07

Major Chinese steelmakers have slightly lifted their construction long steel offers, by CNY 30-50/tonne ($4.7-7.8/t), for early June (see table below). Spot market prices have seen a recovery due to stable demand, with the continuing fall in social inventories and production restrictions in several provinces, Kallanish notes.

Eastern Chinas Shagang, Zenith Iron & Steel, and Yongang Iron & Steel have all increased their rebar prices by CNY 30/t during the first ten days in June. Shagang lifted high speed wire rod and rebar in coil prices each by 30/t, and Zenith Steel and Yongang has increased prices for high speed wire and rebar in coil by CNY 50/t.

HBIS Group (Hegang) has kept unchanged prices for high speed wire rod and rebar, however, and decreased by CNY 50/t rebar in coil. These price changes apply to its three subsidiaries, Tanggang, Xuangang and Chenggang.