Chinese steelmaker Shagang Group announced to lower its wire rod and rebar prices by RMB30~50/ton for deliveries in mid-January.

After the adjustment, its ex-work prices for HRB400 rebar with diameters of 14mm-25mm are at RMB2,790/ton. In addition, ex-work prices for HPB400 grade wire rods will be RMB2,840/ton.

Current demand for rebar and wire rod from construction sector remained relatively unchanged from the previous week, said a market participant.