During the week ending September 3, Chinese domestic rebar and wire rod prices have continued to trend down. On September 3, the rebar futures contract (1301) at Shanghai Futures Exchange closed at $529/mt. Average domestic rebar and wire rod prices in China's main markets can be viewed in the SteelOrbis price reports section.
Viewing the long-standing downtrend in the Chinese domestic rebar and wire rod market, local traders of these steel products have become less confident. The rapid decrease in raw material prices has also contributed to the lack of support for rebar and wire rod prices. With temperatures now more moderate, activity on construction projects has increased to some extent, but demand from such projects still fails to impress. As for the coming week, the Chinese rebar and wire rod market is expected to maintain its downward movement.