Chinese rebar and wire rod market rebounds on back of higher iron ore prices

During the week ending September 17, rebounds have been observed in the Chinese rebar and wire rod markets, especially on Monday, September 17. The rebar futures contract (1301) closed at $529/mt at Shanghai Futures Exchange on the date in question. Average domestic rebar and wire rod prices in China's main markets can be viewed in the SteelOrbis price reports section.
 
The significant rebounds seen in iron ore prices have contributed to the prices increases for rebar and wire rod in China. The upward movement in rebar and wire rod prices has exceeded market players' expectations, with the higher-than-expected increase considered to be a reaction to the previous long-standing downtrend of prices. Market players are not sure how long the new uptrend in Chinese rebar and wire rod prices will last.