Over the past week, average Chinese domestic rebar and wire rod prices have seen some decreases amid insufficient demand and rising inventories, while gradually sliding futures prices have also added to the situation.
The average rebar price has dropped by RMB 43/mt ($6/mt) compared to February 10, while the average 6.5 mm HPB 300 wire rod price has seen a decline of RMB 60/mt ($8.3/mt). Rebar prices have remained stable compared to the previous trading day, February 14.
During the given week, rebar and wire rod prices have moved down amid increases in inventory levels. Following the Lantern Festival, downstream users have gradually resumed work, bolstering demand for rebar and wire rod. However, rebar and wire rod producers have also been raising their capacity utilization rates, which will likely increase the supply to the market. It is expected that rebar and wire rod prices in the Chinese domestic market will fluctuate within a limited range in the week ahead.
As of February 17, rebar futures at Shanghai Futures Exchange are standing at RMB 3,290/mt ($459/mt), decreasing by RMB 41/mt ($5.7/mt) or 1.2 percent since February 10, while up 0.67 percent compared to the previous trading day, February 14.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 25 - HRB400 | Beijing | 3,280 | 457.5 | -30 | -4.1 |
| Guangzhou | 3,560 | 496.5 | -40 | -5.5 | |
| Shanghai | 3,290 | 458.9 | -60 | -8.3 | |
| Average price | 3,376.7 | 470.9 | -43 | -6.0 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) |
Price ($/mt) | Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 6.5 - HPB300 | Beijing | 3,710 | 517.4 | -90 | -12.5 |
| Guangzhou | 3,820 | 532.8 | -30 | -4.1 | |
| Shanghai | 3,820 | 532.8 | -60 | -8.3 | |
| Average price | 3,783.3 | 527.7 | -60 | -8.3 | |
| 8 - HPB300 | Beijing | 3,530 | 492.3 | -90 | -12.5 |
| Guangzhou | 3,760 | 524.4 | -30 | -4.1 | |
| Shanghai | 3,530 | 492.3 | -60 | -8.3 | |
| Average price | 3,606.7 | 503.0 | -60 | -8.3 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 7.1702