During the week ending May 28, rebar and wire rod prices in the Chinese domestic market have maintained their downward trend. On May 28, the rebar futures 1205 contract at the Shanghai Futures Exchange closed at RMB 4,089/mt ($647/mt).
At present, the average sales price in China of HRB 335 rebar stands at $653/mt, while the average price of HRB 400 rebar is $636.1/mt. In addition, 8 mm high speed wire rod prices in the Chinese domestic market currently average at $641/mt. Local rebar and wire rod prices in China can be viewed in the SteelOrbis price reports section.
In view of the decreases already seen in the recent period in rebar and wire rod prices in China, traders now consider that there is less room left for downward movement of prices of these products in the future and so they are somewhat less pessimistic on the prospects for the market. Nevertheless, it is still difficult to foresee a recovery of the rebar and wire rod markets in China in the short term. Prices of rebar and wire rod in China are expected to continue to trend down in the coming week.