Inventory increases in local Chinese rebar and wire rod market

Monday, 12 October 2015 15:44:02 (GMT+3)   |   Shanghai
       

During the week ending October 12, average rebar and wire rod prices have moved on a decreasing trend in the Chinese domestic market, though rebar prices have followed a stable trend in the northern and eastern regions of the country, while overall transaction activity in the domestic rebar and wire rod market has been somewhat better compared to the previous week. On October 12, rebar futures contract (1601) offers closed at RMB 1,847/mt ($293/mt) at Shanghai Futures Exchange, up $1/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, the domestic rebar and wire rod market has continued to be characterized by oversupply, while demand has remained on the slack side, contributing to the declining trend of rebar and wire rod prices after the long holiday, although rebar prices in northern and eastern China have remained stable as they were already at low levels. Inventory levels of rebar and wire rod have increased. However, China has eased its monetary policy, which will exert a positive impact on the steel market. It is thought that rebar and wire rod prices in the Chinese domestic market will likely move on a stable trend in the coming week. 

 
Wire rod prices in local Chinese market 
 

Product name

Spec.

Category

City

Steel plant/origin

Price (RMB/mt)

Price ($/mt)

Weekly change (RMB/mt)

Wire Rod

8 mm dia.

Q235

Shanghai

Pingxiang

2,150

340

↓70

Beijing

Hebei Steel

2,000

316

↓50

Guangzhou

Shaoguan Steel

2,150

340

↓80

Average

-

2,100

332

↓67

Wire Rod

6.5 mm dia.

Q235

Shanghai

Pingxiang

2,160

342

↓60

Beijing

Hebei Steel

2,000

316

↓50

Guangzhou

Shaoguan Steel

2,180

345

↓70

Average

-

2,113

334

↓60

 
All prices include 17 percent VAT and all prices are ex-warehouse
 
Rebar prices in local Chinese market 
 
Product name Spec. Category City  Steel plant/origin Price (RMB/mt) Price ($/mt) Weekly change (RMB/mt)
HRB400 Rebar 20 mm dia. HRB400 Shanghai Pingxiang 2,000 316 0
Beijing Hebei Steel 1,900 301 0
Guangzhou Shaoguan Steel 2,150 340 ↓70
Average 2,017 319 ↓23
 
All prices include 17 percent VAT and all prices are ex-warehouse.
 
$1 = RMB 6.32
 


Similar articles

Local Chinese longs prices still fall sharply, is bottom close?

18 Mar | Longs and Billet

Iskenderun-based Turkish mill cuts its rebar price

15 Mar | Longs and Billet

Southern European longs market faces weak demand, falling prices

15 Mar | Longs and Billet

Romanian longs steel prices still stable as demand remains solid

14 Mar | Longs and Billet

Stocks of main finished steel products in China up 4.0 percent in early March

14 Mar | Steel News

Ex-Turkey rebar prices stable but still under pressure

13 Mar | Longs and Billet

Iskenderun-based Turkish mill revises its rebar price

12 Mar | Longs and Billet

Local Chinese longs prices lose up to $20/mt over the week amid weak demand

11 Mar | Longs and Billet

March sees a slow start for the longs market in southern Europe

08 Mar | Longs and Billet

Romanian rebar prices stable, wire rod prices rise

07 Mar | Longs and Billet