During the week ending March 9, in the Chinese domestic market
rebar and
wire rod prices have indicated an overall declining trend, though
rebar prices have remained stable in the Guangzhou market, while demand for both
rebar and
wire rod in the local Chinese market has seen some improvement, though it is still considered to be at insufficient levels. On March 9,
rebar futures contract (1510) offers closed at RMB 2,486/mt ($397/mt) at Shanghai Futures Exchange, down $15/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, since demand from construction sites has been slow to improve after the recent Spring Festival holiday, inventories of
rebar and
wire rod have increased and
rebar and
wire rod prices in the Chinese domestic market have indicated significant declines. Meanwhile,
rebar futures prices in the given week have decreased sharply, also exerting a negative impact on
rebar spot market prices. Activities of steelmakers and traders have resumed gradually, though transaction volumes have only indicated a slight improvement and are still on the low side. Amid weakness of iron ore prices and bearish sentiment, it is expected that
rebar and
wire rod prices in the Chinese domestic market will move on a slight downtrend in the coming week.