Local Chinese rebar and wire rod market sees improved sentiment and activity

During the week ending August 8, Chinese domestic rebar and wire rod prices have indicated an overall upward trend, while transaction activity in the domestic rebar and wire rod market has been better than in the previous week and is now at medium levels. On August 8, rebar futures contract (1610) offers closed at RMB 2,607/mt ($392/mt) at Shanghai Futures Exchange, up $16/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, ferrous metal futures prices in China have risen sharply, providing support for rebar and wire rod prices in the domestic spot market. Meanwhile, weather conditions are now less adverse, resulting in better consumption of rebar and wire rod. At the same time, expectations of production cuts in the coming period have had a positive impact on sentiment in the rebar and wire rod market. It is thought that rebar and wire rod prices in the Chinese domestic market will likely continue their rising trend in the coming week as bullish sentiment still prevails in the market.

Wire rod prices in local Chinese market

All prices include 17 percent VAT and all prices are ex-warehouse
 
Rebar prices in local Chinese market

All prices include 17 percent

$1 = RMB 6.66