Local Chinese rebar and wire rod market sees sharp declines

Monday, 09 May 2016 14:51:25 (GMT+3)   |   Shanghai
       

During the week ending May 9, Chinese domestic rebar and wire rod prices have indicated sharp decreases, while transaction activity in the domestic rebar and wire rod market has slackened compared to the previous week. On May 9, rebar futures contract (1610) offers closed at RMB 2,175/mt ($334/mt) at Shanghai Futures Exchange, down $72/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, since speculative purchasing activity has cooled off in the ferrous metal markets, rebar and wire rod prices in the Chinese domestic market have indicated sharp declines. Meanwhile, rebar futures prices in China have indicated decreases, exerting strong pressures on the domestic rebar spot market. In addition, steelmakers and traders have been active in selling their rebar and wire rod products in order to bring in cash, dragging down rebar and wire rod offer prices. However, construction sites have been unwilling to make purchases as they are waiting for lower prices, resulting in slacker activity in the market. It is thought that rebar and wire rod prices in the Chinese domestic market will likely move down further in the coming week.

Wire rod prices in local Chinese market

 

Product name

Spec.

Category

City

Steel plant/origin

Price (RMB/mt)

Price ($/mt)

Weekly change (RMB/mt)

Wire Rod

8 mm dia.

Q235

Shanghai

Pingxiang

2,650

407

↓470

Beijing

Hebei Steel

3,040

467

↓80

Guangzhou

Shaoguan Steel

2,980

458

↓180

Average

-

2,890

444

↓243

Wire Rod

6.5 mm dia.

Q235

Shanghai

Pingxiang

2,650

407

↓470

Beijing

Hebei Steel

3,040

467

↓80

Guangzhou

Shaoguan Steel

3,000

461

↓180

Average

-

2,897

445

↓243

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

Product nameSpec.CategoryCity Steel plant/originPrice (RMB/mt)Price ($/mt)Weekly change (RMB/mt)
HRB400 Rebar20 mm dia.HRB400ShanghaiPingxiang2,550392↓390
BeijingHebei Steel2,630404↓450
GuangzhouShaoguan Steel2,830435↓250
Average2,670410↓363

All prices include 17 percent


$1 = RMB 6.51


Similar articles

Turkey seeks to raise rebar export offers, demand mostly seen locally

27 Mar | Longs and Billet

Saudi Arabia’s Hadeed keeps local longs prices stable again for April

26 Mar | Longs and Billet

Iskenderun-based Turkish mill issues its longs prices

26 Mar | Longs and Billet

Local Chinese longs prices up $7-8/mt amid improved demand

25 Mar | Longs and Billet

Stocks of main finished steel products in China down 0.6 percent in mid-March

25 Mar | Steel News

Lebanese rebar market quiet while import prices drop

22 Mar | Longs and Billet

Iskenderun-based Turkish mill cuts longs prices as week ends

22 Mar | Longs and Billet

Partial stability in southern European longs market, Easter closures expected

22 Mar | Longs and Billet

Romanian longs prices stable amid ongoing optimism for demand

21 Mar | Longs and Billet

Turkey’s longs export prices stable for now, demand weak

20 Mar | Longs and Billet