China's Ministry of Commerce (MOC) has announced that during last week (September 16-22) the overall average finished steel price in China edged down on week-on-week basis.
In the given week, the average prices of steel channel, hot rolled coil (HRC), high-speed wire rod and rebar moved down by 0.4 percent, 0.3 percent, 0.1 percent and 0.1 percent, respectively, week on week.
The bearish sentiments in the futures market following the Mid-Autumn Day holiday (September 13-15) negatively affected the rebar and wire rod market. However, production restriction measures for the National Day holiday and autumn-winter heating season have boosted sentiments again. Rebar futures (RB 2001) at the Shanghai Future Exchange came to RMB 3,498/mt ($495/mt) on Wednesday, September 25, up RMB 110/mt ($12.6/mt) or 3.2 percent from RMB 3,388 on September 20.