During the week ending March 31, the Chinese domestic
rebar and
wire rod market has indicated uneven movement, with an overall rising trend for
rebar, while some declines have been witnessed in
wire rod prices. Transaction activity in the market has continued to improve. On March 31,
rebar futures contract (1410) offers closed at RMB 3,328/mt ($546/mt) at Shanghai Futures Exchange, up by $21/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.
Construction sites in
China have accelerated their purchasing activity, providing a certain degree of support for
rebar prices in the Chinese domestic market. However, sentiment in the
rebar market has been improving only at a slow rate, preventing
rebar prices from indicating larger increases.
Wire rod prices in the given week have fluctuated within a narrow range, with downticks seen in some local markets. As their inventories have declined, steelmakers in
China have tried to increase their ex-works prices for
rebar and
wire rod. It is expected that
rebar and
wire rod prices in the Chinese domestic market will move on a rising trend in the coming period as demand continues to improve and as sentiment becomes more bullish.