During the week ending August 13, Chinese rebar and wire rod prices have continued to trend down, though with larger decreases for rebar than for wire rod. On August 13, offers within the scope of the 1301 rebar futures contract at Shanghai Futures Exchange closed at $581/mt. Average domestic rebar and wire rod prices in China's main markets can be viewed in the SteelOrbis price reports section.
After Typhoon Haikui moved away from Shanghai, buying activity in China's domestic long steel market has recovered somewhat. Although traders are still hunting for bookings, the decrease rate of their offer prices has slowed down, especially in the case of wire rod offers, mainly due to reduced inventories and due to production cuts. The soft trend in the Chinese rebar and wire rod markets is expected to continue until supply and demand reach equilibrium.