Weak sentiment prevails in sluggish local Chinese rebar and wire rod market

During the week ending April 17, Chinese domestic rebar and wire rod prices have indicated significant declines, while transaction activity in the domestic rebar and wire rod market has been at low levels. On April 17, rebar futures contract (1710) offers closed at RMB 2,912/mt ($423/mt) at Shanghai Futures Exchange, down $13/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, the declines in ferrous metal futures prices in China have contributed to the soft trend of domestic rebar and wire rod prices, against a backdrop of weak sentiment. Demand from construction sites has slowed, resulting in slack transaction activity. With the domestic finished steel and ferrous metal futures markets continuing their downward movement, it is thought that rebar and wire rod prices in the local Chinese market will move down further in the week ahead. 

 

 

 

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 6.88