Prices declines in local Chinese rebar and wire rod market

During the week ending November 21, Chinese domestic rebar and wire rod prices have indicated downward corrections, while transaction activity in the domestic rebar and wire rod market has slackened compared to the previous week and is now at low levels. On November 21, rebar futures contract (1701) offers closed at RMB 2,714/mt ($394/mt) at Shanghai Futures Exchange, down $39/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, with the sharp declines seen in ferrous metal futures prices in China, rebar and wire rod prices in the Chinese domestic market have indicated an overall downward movement. Meanwhile, downstream users from construction sites are unwilling to make purchases, resulting in slackened activities. The weather in China has become colder and many construction sites in northern China have halted construction, exerting a negative impact on activity in the rebar and wire rod market. It is thought that rebar and wire rod prices in the Chinese domestic market will likely continue their downward trend in the coming week.

Wire rod prices in local Chinese market

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

All prices include 17 percent VAT and all prices are ex-warehouse
 
$1 = RMB 6.89