During the week ending August 6, Chinese domestic rebar and wire rod prices have continued their decline, with prices in the northern region registering the most notable decrease. On August 6, offers within the scope of the 1301 rebar futures contract closed at $581.6/mt at Shanghai Futures Exchange. Average domestic rebar and wire rod prices in China's main markets can be viewed in the SteelOrbis price reports section.
Recently, transactions in the Chinese rebar and wire rod market have been mainly concluded between traders as downstream demand still indicates no signs of a recovery. In the northern region of China, the ongoing rainy weather has hindered long steel consumption and so price decreases in the north have been bigger than in other regions. In the absence of positive factors, rebar and wire rod prices in China are expected to maintain their weak trend in the coming period.