Local Chinese rebar and wire rod market sees improved transaction activity

During the week ending February 27, Chinese domestic rebar and wire rod prices have moved on a rising trend, while transaction activity in the domestic rebar and wire rod market has been at medium levels. On February 27, rebar futures contract (1705) offers closed at RMB 3,612/mt ($523/mt) at Shanghai Futures Exchange, up $9/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, consumption at construction sites in China has improved, resulting in increased transaction activity in the domestic long steel market. Meanwhile, Chinese ferrous metal futures prices have increased, providing a certain degree of support for rebar and wire rod prices in the spot market. At the same time, production restrictions for environmental protection purposes in China's northern region have provided further support for rebar and wire rod prices. It is thought that rebar and wire rod prices in the Chinese domestic market will likely continue their rising trend in the coming week.

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 VAT and all prices are ex-warehouse
 
$1 = RMB 6.87