During the week ending June 18, the Chinese domestic rebar and wire rod markets have continued to be characterized by sluggishness, with slight decreases in prices seen in the northern and eastern regions of the country, while prices in the southern region have rebounded somewhat. On June 18, the rebar futures 1205 contract at Shanghai Futures Exchange closed at $655/mt.
At present, the average sales price in China of HRB 335 rebar stands at $662.4/mt, while the average price of HRB 400 rebar is at $643.9/mt. In addition, 8 mm high-speed wire rod prices in the Chinese domestic market currently average at $648/mt. Local rebar and wire rod prices in China can be viewed in the SteelOrbis price reports section.
The hot weather in China has been exerting a negative impact on long steel demand in the country, causing most traders to lack confidence in the prospects for the price trend in the short term.