The Chinese rebar and wire rod markets have generally witnessed a downward trend in the past week, apart from slight upticks seen in southeast China. The rebar futures contract (1210) at Shanghai Futures Exchange closed at RMB 4,119/mt ($651/mt) on June 11.
As of June 11, the average sales price of HRB 400 rebar in the Chinese domestic market stands at $658.2/mt, with the HRB 335 rebar price at $638.2/mt. Meanwhile, 8 mm high speed wire rod prices average at $645/mt.
Measures taken by the Chinese government to boost the economy have not had sufficient impact on confidence levels of players in the Chinese rebar and wire rod markets. With the approach of the summer, there is unlikely to be a strong recovery in demand in these markets. Meanwhile, most traders expect rebar and wire rod prices in China to maintain their soft trend in the coming week.