During the past week, in the Chinese long steel market wire rod and rebar prices have generally declined by a small margin, with slight decreases seen in southern China, though prices in the east and north have been more stable. On March 26, the rebar futures 1210 contract at Shanghai Futures Exchange closed at RMB 4,354/mt ($691/mt).
The average sales price of HRB 335 rebar in the Chinese market stands at $690.4/mt, down $1.6/mt, with average HRB 400 rebar prices at $671.4/mt, down $2.6/mt, both week on week. Meanwhile, 8 mm high speed wire rod prices average at $675.7/mt.
High inventories and prices in southern China have caused local construction steel prices to drop slightly, but this has not affected market confidence. Steel mills and traders are still optimistic on the prospects for the market. Market demand has been improving and it is thought that prices will still likely increase in the short term.