During the week ending July 16, Chinese domestic
rebar and
wire rod prices have accelerated their downward movement. Offers within the scope of the 1301
rebar contract at Shanghai Futures Exchange closed on July 16 at $615/mt. Average domestic
rebar and
wire rod prices in
China's main markets can be viewed in the SteelOrbis price reports section.
The recent announcement by
China's National Development and Reform Commission (NDRC) of reductions in gasoline and diesel prices caused a certain amount of panic in the domestic long steel market. Meanwhile, the weak trend and poor demand observed in the steel futures market has also put pressure on the domestic
rebar and
wire rod spot markets. Against this background, traders have cut their offer prices in order to conclude deals. For the coming week, as demand is unlikely to improve, it is expected that
rebar and wire prices in
China will continue to slide down.