Diverse trends in sluggish Chinese rebar and wire rod market

During the week ending September 7, in the Chinese domestic market rebar and wire rod prices have indicated a rising trend in northern China, though moving on a decreasing trend in other regions, while overall transaction activity in the domestic rebar and wire rod market has been at low levels. On September 7, rebar futures contract (1601) offers closed at RMB 1,920/mt ($302/mt) at Shanghai Futures Exchange, down $5/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.

During the given week, rebar and wire rod producers in northern China have increased their offer prices for long products amid short supply in the area against the backdrop of the military parade in Beijing to mark the 70th anniversary of victory in the war against Japan. However, supply in eastern and southern China has been sufficient, resulting in the soft trend of rebar and wire rod prices in these regions. Since demand for rebar and wire rod will probably recover in the traditional peak season in September, rebar and wire rod prices will likely indicate slight increases later in the month.  It is thought that rebar and wire rod prices in the Chinese domestic market will follow a stable trend in the coming week.

Wire rod prices in local Chinese market 

 

 

All prices include 17 percent VAT and all prices are ex-warehouse.

 

 

All prices include 17 percent VAT and all prices are ex-warehouse.

 

$1 = RMB 6.36