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China's Shagang ups steel prices, first since mid-Aug

Thu Oct 22, 2009 2:54am EDT

SHANGHAI, Oct 22 (Reuters) - China's Jiangsu Shagang Group, the country's largest producer of reinforcing steel bar, has raised key rebar prices for sale in late-October, the first rise since mid-August, industry consultancy Umetal said.

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Shagang, also the country's fifth-largest steel mill, hiked prices by 60 yuan a tonne to 3,510 yuan ($514), Umetal said, citing Shagang's sales notice released on Thursday.

The move marked the first hike for the company since mid-August, when Chinese steel mills started to cut their offering prices due to market oversupply that far exceeded demand. ($1=6.827 Yuan) (Reporting by Alfred Cang and Jacqueline Wong)

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