During the week ending November 10, in the Chinese domestic market rebar prices in Beijing have indicated a slight downtrend, while rebar prices in other areas of China have mostly followed an upward trend, with wire rod prices in the overall Chinese market remaining stable. Meanwhile, transaction activity for both rebar and wire rod in China has mostly been at decent levels, except in northern China where activity has been slack. On November 10, rebar futures contract (1505) offers closed at RMB 2,557/mt ($417/mt) at Shanghai Futures Exchange, down $1.5/mt week on week compared to the same main contract. Average domestic rebar and wire rod prices in China's main markets can be viewed in the SteelOrbis price reports section.
With the Asia-Pacific Economic Cooperation (APEC) meeting being held in Beijing, local demand for rebar has been poor due to reduced construction activity and so rebar prices in Beijing have softened. However, consumption in southern and eastern China has been good, providing support for the upward movement of rebar prices in these regions. Meanwhile, demand for wire rod materials in the overall domestic market has been reasonably good, ensuring support for the sideways movement of wire rod prices. It is expected that in the coming week rebar and wire rod prices in the Chinese domestic market will remain on a strong trend in the southern and eastern regions, but will indicate a downtrend in northern China.
$1 = RMB 6.12