During the past week ending March 10, average Chinese domestic rebar and wire rod prices have continued their downtrend amid decreasing rebar futures prices, rather slack demand and high average steel production, while still no firm stimulus measures have been announced by the government.
The average rebar price has decreased by RMB 47/mt ($6.6/mt) compared to March 3, while the average 6.5 mm HPB 300 wire rod price has also seen a decrease, of RMB 30/mt ($4.2/mt). Rebar prices have declined by RMB 24/mt ($3.3/mt) compared to the previous trading day, March 7.
During the given week, rebar and wire rod prices have moved down amid declining rebar futures prices. Recently, rainy weather in the Yangtze River Delta region has affected activities at construction sites, which has slackened the demand for rebar and wire rod. Inventory levels of rebar and wire rod have finally decreased though not as much as market players had expected. Demand for rebar and wire rod is anticipated to improve in the near future, which may bolster prices. 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 March 10, rebar futures at Shanghai Futures Exchange are standing at RMB 3,220/mt ($449/mt), decreasing by RMB 76/mt ($10.6/mt) or 2.3 percent since March 3, while down 1.35 percent compared to the previous trading day, March 7.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 25 - HRB400 | Beijing | 3,260 | 454.5 | -50 | -6.8 |
| Guangzhou | 3,560 | 496.3 | -20 | -2.6 | |
| Shanghai | 3,240 | 451.7 | -70 | -9.6 | |
| Average price | 3,353.3 | 467.5 | -47 | -6.4 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) | Weekly change ($/mt) |
| 6.5 - HPB300 | Beijing | 3,750 | 522.8 | 0 | +0.1 |
| Guangzhou | 3,830 | 533.9 | -20 | -2.6 | |
| Shanghai | 3,770 | 525.6 | -70 | -9.6 | |
| Average price | 3,783.3 | 527.4 | -30 | -4.0 | |
| 8 - HPB300 | Beijing | 3,570 | 497.7 | 0 | +0.1 |
| Guangzhou | 3,770 | 525.6 | -20 | -2.6 | |
| Shanghai | 3,480 | 485.2 | -70 | -9.6 | |
| Average price | 3,606.7 | 502.8 | -30 | -4.0 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 7.1733