During the week ending July 23, Chinese
rebar and
wire rod prices have witnessed significant decreases. On July 23, offers within the scope of the 1301
rebar futures contract at Shanghai Futures Exchange closed at $615/mt. Average
rebar and
wire rod prices in the Chinese domestic market can be viewed in the SteelOrbis price reports section.
As iron ore and coke prices have declined further, there is a lack of cost support for the long steel market in
China, while volumes of long steel orders have declined. In this context, both steel producers and traders have reduced their
rebar and
wire rod prices. At present, a general pessimistic mood prevails in the market. As for the coming week,
rebar and
wire rod prices in
China are expected to maintain their soft trend.