During the week ending August 24, in the Chinese domestic market rebar and wire rod prices have mostly indicated a decreasing trend, though with rebar and wire rod prices remaining stable in Guagnzhou, while overall transaction activity in the domestic rebar and wire rod market has been at low levels. On August 24, rebar futures contract (1601) offers closed at RMB 1,934/mt ($303/mt) at Shanghai Futures Exchange, down $19/mt week on week mainly due to the devaluation of the Chinese currency. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Supply volumes in the domestic long products market have increased, dragging down rebar and wire rod prices. Meanwhile, the significant decreases seen in the stock market in China have exerted a negative impact on commodities prices, also negatively affecting finished steel prices. It is expected that rebar and wire rod prices in the Chinese domestic market will continue their downtrend in the coming week.
Wire rod prices in local Chinese market
Product name | Spec. | Category | City | Steel plant/origin | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) |
8 mm dia. | Q235 | Shanghai | Pingxiang | 2,380 | 372 | ↓20 | |
Beijing | Hebei Steel | 2,130 | 333 | ↓50 | |||
Guangzhou | Shaoguan Steel | 2,350 | 367 | 0 | |||
Average | - | 2,287 | 357 | ↓23 | |||
6.5 mm dia. | Q235 | Shanghai | Pingxiang | 2,380 | 372 | ↓20 | |
Beijing | Hebei Steel | 2,130 | 333 | ↓50 | |||
Guangzhou | Shaoguan Steel | 2,400 | 375 | 0 | |||
Average | - | 2,303 | 360 | ↓23 |
Rebar prices in local Chinese market
| Product name | Spec. | Category | City | Steel plant/origin | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) |
| HRB400 Rebar | 20 mm dia. | HRB400 | Shanghai | Pingxiang | 2,150 | 336 | ↓50 |
| Beijing | Hebei Steel | 2,000 | 313 | ↓30 | |||
| Guangzhou | Shaoguan Steel | 2,370 | 370 | 0 | |||
| Average | - | 2,173 | 340 | ↓27 |
All prices include 17 percent VAT and all prices are ex-warehouse.
$1 = RMB 6.40