During the week ending November 4, prices in the Chinese domestic rebar and wire rod market have moved on an upward trend, with transaction activity at normal levels.
On November 4, rebar futures contract (1401) offers closed at RMB 3,677/mt ($604/mt) at Shanghai Futures Exchange, climbing by $15/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.
In northern China, traders pushed up their rebar sales prices due to smaller-than-expected decreases in Hebei Iron and Steel’s prices, and also given the production cuts resulting from the strict environmental requirements imposed on mills in Hebei Province. Meanwhile, in southern and eastern China, rebar and wire rod prices have trended up slightly, supported by significant decreases in inventory levels. Overall, the price fluctuations of the past week have been driven by uneven distribution of supplies and by steelmakers’ price policies. It is thought that Chinese domestic rebar and wire rod prices may move sideways in the coming week.
$1=RMB 6.09