Downtrend in local Chinese rebar and wire rod market

During the week ending September 19, Chinese domestic rebar and wire rod prices have mostly seen a declining trend, though indicating a slight uptrend in Guangzhou, while transaction activity in the domestic rebar and wire rod market has been at low levels. On September 19, rebar futures contract (1701) offers closed at RMB 2,239/mt ($336/mt) at Shanghai Futures Exchange, down $5/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, typhoon Meranti has hit mid-China, exerting a negative impact on rebar and wire rod prices there. Meanwhile, the Mid-Autumn Day holiday has weakened the transaction activities for rebar and wire rod, dragging down their prices. At the same time, ferrous metal futures prices havn't seen rebound yet, negatively affecting rebar and wire rod spot market. Currently, since National Holiday (October 1-7) is approaching, downstream users and traders will likely increase purchasing. However, the production resumption of some steelmakers will bring some pressure from supply side. It is thought that rebar and wire rod prices will likely indicate a slight downtrend in the coming week.
 
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

All prices include 17 percent
 
$1 = RMB 6.67