Local Chinese longs prices decline, but some tentative rebound in mood seen today

Monday, 13 January 2025 16:09:20 (GMT+3)   |   Shanghai

During the week ending January 13, average Chinese domestic rebar and wire rod prices have edged down amid the prevailing bearish sentiments among market players, though, on Monday, January 13, futures prices have rebounded, supporting the market mood a little.

The average rebar price has decreased by RMB 37/mt ($5.1/mt) compared to January 6, while the average 6.5 mm HPB 300 wire rod price has seen a drop of RMB 40/mt ($5.6/mt). Rebar prices have edged up by RMB 17/mt ($2.4/mt) compared to the previous trading day, January 10.  

During the given week, rebar and wire rod prices in the Chinese domestic market have decreased as market players have been unwilling to build up stocks for the winter. Bearish sentiments have prevailed among market players. At the same time, some traders have decided to cut selling prices, aiming to reduce their inventory levels and avoid potential risks. In the spot market, the inventory of rebar and wire rod has risen slightly, exerting a negative impact on prices. Raw material prices have moved down, weakening the support for rebar and wire rod prices. But since production levels keep falling gradually, it is expected that rebar and wire rod prices in the Chinese domestic market will fluctuate within a limited range in the coming week.

As of January 13, rebar futures at Shanghai Futures Exchange are standing at RMB 3,249/mt ($452/mt), decreasing by RMB 3/mt ($0.4/mt) or 0.09 percent since January 6, while up 1.44 percent compared to the previous trading day, January 10.  

Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.    

Rebar prices in local markets

Spec. (mm) - Category

City

Price (RMB/mt)

Price 
($/mt)

Weekly change 
(RMB/mt)

Weekly change 
($/mt)

25 - HRB400

Beijing

3,220

447.9

-40

-5.6

Guangzhou

3,550

493.8

-30

-4.2

Shanghai

3,300

459.0

-40

-5.6

Average price

3,356.7

466.9

-37

-5.2

All prices include 13 percent VAT and all prices are ex-warehouse.

 Wire rod prices in local markets

Spec. (mm) - Category

City

Price

(RMB/mt)

Price ($/mt)

Weekly

change (RMB/mt)

Weekly change 
($/mt)

6.5 - HPB300

Beijing

3,700

514.7

-60

-8.3

Guangzhou

3,840

534.2

-30

-4.1

Shanghai

3,870

538.4

-30

-4.1

Average price

3,803.3

529.1

-40

-5.5

8 - HPB300

Beijing

3,520

489.7

-60

-8.3

Guangzhou

3,780

525.9

-30

-4.1

Shanghai

3,580

498.1

-30

-4.1

Average price

3,626.7

504.5

-40

-5.5

All prices include 13 percent VAT and all prices are ex-warehouse.

$1 = RMB 7.1885


Similar articles

US domestic rebar and wire rod prices flat; December scrap may trigger price increases

04 Dec | Longs and Billet

US import long steel pricing mostly stable pending outcome of December scrap trade

04 Dec | Longs and Billet

European longs prices consolidate at higher levels

04 Dec | Longs and Billet

Romanian longs prices unchanged, but sellers still test increases despite poor demand

04 Dec | Longs and Billet

Higher Turkish longs prices accepted only locally, export offers still uncompetitive

03 Dec | Longs and Billet

Saudi Arabia’s Hadeed increases longs prices for December production

02 Dec | Longs and Billet

Local Chinese longs prices rise for third week in a row, some further upticks expected

01 Dec | Longs and Billet

Turkey’s longs export prices less competitive than ex-North Africa offers

28 Nov | Longs and Billet

Stronger local longs pricing in Turkey increases exporters’ bullishness

27 Nov | Longs and Billet

Romanian longs prices stable, but CBAM uncertainty exerts upward pressure despite soft demand

27 Nov | Longs and Billet