During the week ending February 9, in the Chinese domestic market
rebar and
wire rod prices have mostly continued their decreasing trend, though
rebar prices in Shanghai and 8 mm
wire rod prices in Beijing and Shanghai have remained stable, while transaction activity for both
rebar and
wire rod in the local Chinese market has almost been stagnant. On February 9,
rebar futures contract (1505) offers closed at RMB 2,478/mt ($397/mt) at Shanghai Futures Exchange, down $3/mt week on week.
Average domestic rebar and
wire rod prices in
China's main markets can be viewed in the SteelOrbis price reports section.
During the given week, transaction activity in the long steel market in southern
China has declined, while activity in northern
China is nearly stagnant. Although more steelmakers have started to carry out maintenance work, inventories of
rebar and
wire rod has continued to edge up, exerting a negative impact on
rebar and
wire rod prices. The current week is the last trading week before the Spring Festival holiday (February 18-24), and so trading activity will gradually come to a halt. It is expected that
rebar and
wire rod prices in the Chinese domestic market will fluctuate within a limited range in the coming week.