China's Ministry of Commerce (MOC) has announced that during last week (September 9-15) the overall average finished steel price in China edged up on week-on-week basis.
In the given week, the average prices of high-speed wire rod, rebar and common steel medium plate moved up by 0.3 percent, 0.4 percent and 0.2 percent, respectively, week on week.
However, following Mid-Autumn Day holiday (September 13-15), market players’ sentiments in the futures market shifted from bullish to bearish, which will likely exert a negative impact on the rebar and wire rod market in the future. Rebar futures (RB 2001) at the Shanghai Future Exchange came to RMB 3,533/mt ($499.5/mt) on Tuesday, September 17, down RMB 16/mt ($2.3/mt) or 0.45 percent from last Thursday’s level.