During the week ending April 20, in the Chinese domestic market wire rod prices have generally indicated a stable trend, though rebar prices have moved on a downtrend except for their sideways movement in Guangzhou, while overall transaction activity in the domestic rebar and wire rod market has been at decent levels. On April 20, rebar futures contract (1510) offers closed at RMB 2,280/mt ($368/mt) at Shanghai Futures Exchange, down $7/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.
During the given week, domestic rebar producers stepped up their deliveries, resulting in increased supplies and downward pressure on rebar prices. However, wire rod offer prices have remained stable amid shortages of some specifications. Volumes of rebar and wire rod purchased by construction sites are at normal levels, without indicating any significant increase during the past week. Lately, iron ore futures prices have rebounded, exerting a positive impact on rebar and wire rod prices. It is expected that rebar and wire rod prices in the Chinese domestic market will move on a stable trend in the coming week.