Hebei Steel Group raises August wire, rebar prices

Hebei Iron & Steel, China’s second-biggest steelmaker by 2009 output, will raise long product prices immediately to catch up with rising spot market prices.

A healthier spot market since the start of July has encouraged Chinese steelmakers to consider earlier-than-expected price rises.

The price of rebar on the Shanghai spot market has risen around 6% since Hebei Steel last adjusted its prices. 

Hebei Steel will push its ex-works price for grade II rebar to 4,220 yuan per tonne, up 170 yuan.

Wire rod and coiled rebar prices will go up by 200 yuan and 300 yuan per tonne.

Baosteel is also expected to announce price changes this week.