CHINA STEEL WRAP: Spot longs move up on Shagang hint

China’s spot prices for long products rose on Wednesday February 29 ahead of an expected price hike by Shagang Group on Thursday.

Shagang is expected to be adding 80 yuan ($13) per tonne to its rebar prices for the first ten days of March, which will support spot prices in the south of the country, according to market sources.

“Many medium- and small-sized steel mills will follow Shagang and hike prices this week, and spot prices will follow,”...


Steel LC

February 29, 2012

07:55 GMT