During the week ended May 20, rebar and wire rod prices in the Chinese domestic market have been fluctuating slightly within a narrow range. On May 20, rebar futures contract (1301) offers closed at RMB 3,606/mt ($580/mt) at Shanghai Futures Exchange, down $8/mt 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, rainy weather has negatively affected construction activities in China. As a result, domestic consumption of rebar and wire rod has been reduced, with transaction volumes indicating a decline. In addition, with iron ore and coke prices falling, support from costs has diminished. It is thought that in the coming week demand for rebar and wire rod in the Chinese domestic market will improve slightly and that prices may enter a stable trend.