During the week ending October 27, rebar and wire rod prices in China have been characterized by diverse trends, while transaction activity for both rebar and wire rod in China has been at decent levels. On October 27, rebar futures contract (1501) offers closed at RMB 2,642/mt ($432/mt) at Shanghai Futures Exchange, down $4/mt week on week. Average domestic rebar and wire rod prices in China's main markets can be viewed in the SteelOrbis price reports section.
During the given week, production cuts in Hebei Province have generally not provided sufficient support for rebar and wire rod prices in northern China, with rebar prices there mostly indicating a declining trend, while rebar prices in eastern and southern China and wire rod prices in southern China still continued their upward movement though at a slower pace. In northern China, some specifications have been in short supply, exerting a positive impact on prices of the rebar and wire rod specifications in question. In southern China, good demand has helped rebar prices to maintain their upward trend. However, temperatures in northern China have been falling gradually, which is bad news for demand for rebar and wire rod in the region. As for the coming week, it is expected that rebar and wire rod prices in southern and eastern China will continue their slight uptrend, while prices of rebar and wire rod in northern China will likely move down.