During the given week, the rebar price rises in northern China have mainly been due to the flow of supplies from the north to southern China, which has eased supply pressure in the north. In addition, some traders in northern China have raised their offer prices due to improved sentiment after the announcement of increased benchmark interest rates in China, though transaction activity has not shown any improvement. However, the diverse trends of rebar and wire rod prices in eastern and southern China reflect the weakness of demand. In addition, the cold weather in China has resulted in slacker activity at construction sites and in reduced demand for long steel. It is expected that rebar and wire rod prices in the Chinese domestic market will edge down in the coming week.
$1 = RMB 6.15