Stable trend in local Chinese rebar and wire rod market

During the week ending January 23, Chinese domestic rebar and wire rod prices have moved on a stable trend, while transaction activity in the domestic rebar and wire rod market has been at low levels. On January 23, rebar futures contract (1705) offers closed at RMB 3,180/mt ($461/mt) at Shanghai Futures Exchange, down $28/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, ferrous metal futures prices in China have indicated a declining correction trend, exerting negative pressure on rebar and wire rod prices in the domestic spot market and also curbing speculative sentiment in the market. With the Chinese New Year Holiday approaching, most traders are maintaining a wait-and-see stance, contributing to the slackness of transaction activity. It is thought that rebar and wire rod prices in the Chinese domestic market will remain on a stable trend during the holiday period and will also move sideways in the period immediately after the holiday.

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 6.86