Increased activity in local Chinese rebar and wire rod market ahead of holiday

Monday, 29 September 2014 16:26:36 (GMT+3)   |   Shanghai
       

During the week ending September 29, rebar and wire rod prices in the Chinese domestic market have mostly moved on a downward trend, while overall transaction activity for both rebar and wire rod has been better than in the previous week. On September 29, rebar futures contract (1501) offers closed at RMB 2,529/mt ($411/mt) at Shanghai Futures Exchange, down $14/mt compared to the previous 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, the declines seen in steel futures and iron ore futures prices in China have negatively affected rebar and wire rod prices in the Chinese domestic market. Bearish sentiment prevails in the rebar and wire rod market, with market participants lacking confidence in the future prospects of the market. Ahead of the National Day Holiday (October 1-7), construction sites have increased their purchases, resulting in increased transaction activity in the given week. While domestic rebar and wire rod prices will remain stable during the holiday period, it is expected that after the holiday rebar and wired rod prices in the Chinese domestic market will again be characterized by a soft trend.


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