China: Shagang Steel cuts long steel prices in late-Jul’26

• • Seasonal weakness weighs on construction steel demand

• • Buyers limit purchases amid subdued spot activity

China’s Shagang Steel has cut its domestic long steel prices by RMB 100/t ($15/t) for late-July 2026 sales, reflecting cautious sentiment as weak seasonal demand and subdued spot activity weigh on the market.

The producer set prices at:

• • Rebars (16-25 mm): RMB 3,300/t ($487/t)

• • Coiled rebars (8-10 mm): RMB 3,430/t ($507/t)

• • Wire rods (6-10 mm): RMB 3,340/t ($493/t)

Downstream buyers continued to procure mainly against immediate requirements as high temperatures and heavy rainfall suppressed construction activity during the traditional summer off-season.

Meanwhile, October 2026 rebar futures on the SHFE rose by RMB 21/t ($3/t) to RMB 3,099/t ($458/t) on 23 July from RMB 3,078/t ($455/t) on 10 July. However, the improvement in futures failed to translate into stronger physical demand, highlighting the disconnect between futures sentiment and spot-market fundamentals.