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) |
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 | |||
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