During the week ending July 14, rebar and wire rod prices in the Chinese domestic market have either indicated slight upticks or have trended sideways, while overall transaction activity for rebar and wire rod has been better than in the previous week and is now at decent levels. On July 14, rebar futures contract (1410) offers closed at RMB 3,120/mt ($509/mt) at Shanghai Futures Exchange, up $6.5/mt compared to the previous 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, the main steelmakers in eastern and northern China have slightly raised their ex-works prices for rebar, while ex-works prices for wire rod have seen slight declines in general in China. With the end of the rainy season, sales of rebar and wire rod have improved, providing a certain degree of support for rebar prices in eastern China, while rebar and wire rod prices in other regions have mostly moved sideways. Traders and steelmakers are now more confident as regards the future prospects for the long steel market due to the stronger trends in the raw material markets. It is expected that rebar and wire rod prices in the Chinese domestic market will indicate a slight rebound in the coming week.