During the week ending January 14, domestic rebar and wire rod prices in China have seen a downward trend, with the average prices of HRB 400 rebar and 8 mm wire rod now at $622.7/mt and $599/mt respectively, down by $6.4/mt and $6/mt week on week. On January 14, rebar futures contract (1305) offers closed at $644/mt at Shanghai Futures Exchange, remaining unchanged week on week. Average domestic rebar and wire rod prices in China's main markets can be viewed in the SteelOrbis price reports section.
Over the past week, the transaction volume in the Chinese rebar and wire rod market has witnessed a drop, while purchasing activity from construction sites has mainly been for replenishment. At the same time, iron ore and billet prices have seen downward corrections, weakening support for rebar and wire rod prices.
It is expected that local rebar and wire rod prices in China will continue to move down in the coming week.