During the week ending February 16, in the Chinese domestic market rebar and wire rod prices have mostly indicated a stable trend, though rebar prices in Guangzhou have shown some upticks, while transaction activity for both rebar and wire rod in the local Chinese market has been slack. On February 16, rebar futures contract (1505) offers closed at RMB 2,525/mt ($404/mt) at Shanghai Futures Exchange, up $8/mt week on week. Average domestic rebar and wire rod prices in China's main markets can be viewed in the SteelOrbis price reports section.
During the given week, rebar and wire rod prices have been stable or indicated some minor fluctuations, while transaction activity has been quiet ahead of the Spring Festival holiday (February 18-24). Steelmakers in southern China have increased their ex-works prices in order to boost local market prices. It is expected that rebar and wire rod prices in the Chinese domestic market will move on a stable trend in the coming week as traders leave the market and the market will be closed for holiday.
$1 = RMB 6.25