During the week ending April 1, domestic wire rod prices in China have remained stable in general, while rebar prices have witnessed a slight drop. The average prices of HRB 400 rebar and 8 mm wire rod are now standing at $601/mt -down $4.3/mt and $591/mt respectively. On April 1, rebar futures contract (1310) offers closed the day at $599/mt at Shanghai Futures Exchange, decreasing by $30/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.
In the week ending April 1, orders from construction sites have not continued the increasing trend as market expected, pulling down rebar prices in the given period. As for the wire rod prices, due to shortage in part of some specifications, traders' offer prices have remained stable since the previous week.
With the approach of the Qingming Festival in China, wire rod and rebar demand may be affected as construction sites will lower their purchasing volume. It is thought that wire rod and rebar prices in China will move sideways in the coming week.