It's reported that the Chinese steelmaker Shagang announced to cut its rebar ex-work prices by RMB30/ton for deliveries in September 11-20 period.
Also, this is the first time that the company cuts rebar prices since early June.
After adjustment, its prices for HRB400 rebar with diameters of 16mm-25mm are at RMB3, 660/ton, 17% VAT included.
Meanwhile, Shagang also reduced its prices for HPB300 wire rods by RMB30/ton to RMB3, 690/ton.