Sentiment improves in local Chinese rebar and wire rod market

During the week ending February 13, Chinese domestic rebar and wire rod prices have indicated an upward trend, while transaction activity in the domestic rebar and wire rod market has been better than in the previous week and is now at low-to-medium levels. On February 13, rebar futures contract (1705) offers closed at RMB 3,437/mt ($500/mt) at Shanghai Futures Exchange, up $51/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, since steelmakers have resumed their production and as traders have been returning to the market, transaction activities have been better than in the previous week. Meanwhile, rebar futures prices in China have indicated an upward trend, contributing to the rising trend of domestic rebar and wire rod prices in the spot market, while boosting confidence levels in the market. However, real consumption has not yet recovered to decent levels. It is expected that rebar and wire rod prices in the Chinese domestic market will continue their rising trend in the coming week due to the bullish sentiment prevailing in the market. 

 

 

All prices include 17 percent VAT and all prices are ex-warehouse

 

All prices include 17 percent VAT and all prices are ex-warehouse

 

$1 = RMB 6.87