CHINA STEEL WRAP: Spot market still slipping as Shagang cuts prices

May 11, 2012 | 04:44 AM |

Spot rebar prices fell further on Friday May 11 as raw materials prices continued to soften and Shagang, China’s largest longs producer, announced a price cut. Shagang cut its prices for wire rod by 50 yuan ($8) per tonne and rebar by 70 yuan per tonne for the second ten days of May. It is now selling rebar at 4,150-4,270 yuan ($657-676) per tonne, which is still higher than current....

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