Diverse price trends in local Chinese rebar and wire rod market

During the week ending March 13, in the Chinese domestic market rebar prices in Beijing have indicated a downward trend, rebar prices in Guangzhou have risen slightly, while prices in Shanghai have moved sideways. In addition, in the given week, domestic wire rod prices in China have moved on a rising trend in Beijing and Shanghai, while trending sideways in Guangzhou. Meanwhile, transaction activity for both rebar and wire rod in the Chinese domestic has been at medium levels. On March 13, rebar futures contract (1705) offers closed at RMB 3,604/mt ($522/mt) at Shanghai Futures Exchange, up $20/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
 
During the given week, steelmakers' inventories have declined and real consumption at construction sites in China has been improving steadily, resulting in improved transaction activity and exerting a positive impact on domestic rebar and wire rod prices. Overall inventory levels of rebar and wire rod in the market have continued to decrease, which will likely provide support for rebar and wire rod prices in the coming period. It is thought that domestic rebar and wire rod prices in China will likely edge up in the week ahead.

Wire rod prices in local Chinese market

 
All prices include 17 percent VAT and all prices are ex-warehouse
 
Rebar prices in local Chinese market