OREANDA-NEWS. November 29, 2011. China’s largest private steelmaker Jiangsu Shagang has decided to keep late November ex-works figures flat for most construction steel items such as wire rod and reinforcing bar. The current factory price of 16 mm иC 25 mm HRB335 rebar offered by the company is 4,380 yuan a ton.

Many small mills with flexible pricing systems lifted their quotations by a range between 20 yuan to 50 yuan a ton last week while big producers took more cautious strategies dependent on their raw material costs and inventory.

As of the end of last week, the domestic steel price index had risen for three consecutive months to a point 150 yuan a ton above the previous bottom. Although forward price sentiment remains mixed, there is a perception that the market will likely fluctuate upwards in the near term thanks to restricted supplies and higher raw materials costs.