China: Shagang keeps long steel prices unchanged for early-Jul'26 sales

• Seasonal demand slowdown weighs on long steel market sentiment
  
  
• Relatively firm raw material prices continue to provide cost-side support
  
  

China's Shagang Steel has rolled over its long steel prices for early-July 2026 sales, reflecting a weak domestic market environment. The producer has kept rebar (16-25 mm) prices unchanged at RMB 3,400/t ($501/t), coiled rebar (8-10 mm) at RMB 3,530/t ($520/t), and wire rod (6-10 mm) at RMB 3,440/t ($507/t).

Facing a sluggish domestic market, steel mills chose to roll over prices as demand remained weak and production gradually increased in June. The seasonal off-demand period further dampened trading activity across the Chinese market, keeping buyers cautious and limiting transaction volumes. With supply improving but consumption yet to recover, producers preferred to maintain prices rather than make adjustments.

Futures market sentiment has also weakened, with rebar futures for the October 2026 contract declining by RMB 73/t ($11/t) m-o-m to RMB 3,084/t ($454/t) as of 30 June, from RMB 3,157/t ($465/t) on 29 May, reflecting subdued demand expectations and limited buying interest.

At the same time, raw material prices continued to provide cost support, as stable coking coal and elevated met coke prices outweighed the marginal decline in iron ore prices.