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 China's 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.

Chinese construction steel ex-works prices, 1-10 June 2018 (CNY/tonne, including VAT)

Company Rebar HRB400 16-25mm High speed wire rod 6.5mm Rebar in coil 8-10mm
Shagang price 4,170 4,380 4,440
Shagang % change  +30 +30 +30
Zenith price 4,170 4,490 4,490
Zenith % change +30 +50 +50
Yongang price 4,170 4,490 4,490
Yongang % change +30 +50 +50
Hegang price 4,070 5,070 4,220
Hegang % change 0 0 -50

Source::Published company information