During the week ending July 21, rebar and wire rod prices in the Chinese domestic market have generally moved in an upward direction, while overall transaction activity for rebar and wire rod has slackened compared to the previous week and is now at low levels. On July 21, rebar futures contract (1501) offers closed at RMB 3,042/mt ($490/mt) at Shanghai Futures Exchange, down $17/mt compared to the previous week. Average domestic rebar and wire rod prices in China's main markets can be viewed in the SteelOrbis price reports section.
During the given week, traders and steelmakers have raised their rebar prices, while wire rod in southern China saw relatively significant rises, with wire rod prices in other regions of the country indicating greater stability. The high temperatures in eastern China have affected demand for rebar and wire rod, limiting the upward movement of prices. Although signs of recovery have been seen in recent finished steel and raw material prices, uncertainties remain in the finished steel market. Meanwhile, iron ore futures prices at Dalian Commodities Exchange and rebar futures prices at Shanghai Futures Exchange have shown significant declines compared to the previous week, reflecting the lack of confidence in the market. It is expected that rebar and wire rod prices will indicate a slight correction in the coming week amid high temperatures and rainy weather.
1$ = 6,21 RMB