Local Chinese rebar and wire rod market sees higher demand from construction sector

During the given week, purchases of rebar and wire rod from construction sites in China have increased, stimulating transaction activities for rebar and wire rod and providing support for domestic rebar and wire rod prices. Meanwhile, the declining movement of iron ore prices has come to a halt, exerting a positive impact on the finished steel market. Since sentiment in the rebar and wire rod market is more bullish, rebar and wire rod prices will more likely indicate upward movement in the coming period. However, supply from steelmakers is expected to be at high levels, which will limit the rising trend of rebar and wire rod prices. It is expected that rebar and wire rod prices in the Chinese domestic market will move on a slight uptrend in the coming week.

All prices include 17 percent VAT and all prices are ex-warehouse.

$1 = RMB 6.21