Wait-and-see mood prevails in local Chinese rebar and wire rod market

Monday, 24 April 2017 13:57:40 (GMT+3)   |   Shanghai
       

During the week ending April 24, Chinese domestic rebar and wire rod prices have indicated a declining trend, while transaction activity in the domestic rebar and wire rod market has been at low levels. On April 24, rebar futures contract (1710) offers closed at RMB 2,927/mt ($426/mt) at Shanghai Futures Exchange, up $2/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.

During the past week, rebounds started to be observed in ferrous metal futures and spot prices in China from last Thursday, exerting some positive impact on rebar and wire rod prices in the domestic market towards the end of the given week. However, demand from construction sites has not improved, resulting in slack transaction activity in the market. Market players have mostly been maintaining a wait-and-see stance towards the future trend of the market. It is thought that rebar and wire rod prices in the Chinese domestic market will likely edge down slightly in the week ahead.


Wire rod prices in local Chinese market

 

Product name

Spec.

Category

City

Steel plant/origin

Price (RMB/mt)

Price ($/mt)

Weekly change (RMB/mt)

Wire Rod

8 mm dia.

HPB300

Shanghai

Shente

3,450

501

↓100

Beijing

Hebei Steel

3,680

534

50

Guangzhou

Shaoguan Steel

3,600

522

↓250

Average

-

3,577

519

↓100

Wire Rod

6.5 mm dia.

HPB300

Shanghai

Shente

3,450

501

↓100

Beijing

Hebei Steel

3,680

534

50

Guangzhou

Shaoguan Steel

3,630

527

↓250

Average

-

3,587

521

↓100

All prices include 17 percent VAT and all prices are ex-warehouse
 
Rebar prices in local Chinese market

 

Product name

Spec.

Category

City

Steel plant/origin

Price (RMB/mt)

Price ($/mt)

Weekly change (RMB/mt)

HRB400 Rebar

20 mm dia.

HRB400

Shanghai

Shente

3,250

472

↓50

Beijing

Hebei Steel

3,200

464

↓50

Guangzhou

Shaoguan Steel

3,750

399

↓150

Average

3,067

445

↓83


All prices include 17 percent VAT and all prices are ex-warehouse
 
$1 = RMB 6.89

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