During the past week ending February 2, average Chinese domestic rebar and wire rod prices have moved down amid decreasing rebar futures.
The average rebar price has decreased by RMB 17/mt ($2.4/mt) compared to January 26, while the average 6.5 mm HPB 300 wire rod price has declined by RMB 17/mt ($2.4/mt). Rebar prices have decreased by RMB 10/mt ($1.4/mt) compared to the previous trading day, January 30.
During the given week, rebar and wire rod prices in the Chinese domestic market have moved down as the Chinese New Year holiday (February 14-23) is approaching, which has resulted in slack demand from downstream users. Construction sites have gradually halted their activities, which will lead to increasing inventories and exert a negative impact on rebar and wire rod prices. Meanwhile, commodity prices (especially for some metals like gold and cooper, as well as oil) in the global market have plunged further, negatively affecting market sentiments. It is thought that rebar and wire rod prices in the Chinese domestic market will likely move sideways with a further gradual negative bias in the coming week.
As of February 2, rebar futures at Shanghai Futures Exchange are standing at RMB 3,098/mt ($444.5/mt), decreasing by RMB 45/mt ($6.5/mt) or 1.4 percent since January 26, while down 1.56 percent compared to the previous trading day, January 30.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 25 - HRB400 | Beijing | 3140 | 450.5 | 0 | 0.9 |
| Guangzhou | 3430 | 492.1 | -10 | -0.4 | |
| Shanghai | 3160 | 453.4 | -40 | -4.8 | |
| Average price | 3243.3 | 465.3 | -17 | -1.5 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) |
Price ($/mt) | Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 6.5 - HPB300 | Beijing | 3640 | 522.2 | -10 | -0.4 |
| Guangzhou | 3740 | 536.6 | -10 | -0.4 | |
| Shanghai | 3640 | 522.2 | -30 | -3.2 | |
| Average price | 3673.3 | 527.0 | -17 | -1.3 | |
| 8 - HPB300 | Beijing | 3420 | 490.7 | -10 | -0.4 |
| Guangzhou | 3680 | 528.0 | -10 | -0.4 | |
| Shanghai | 3410 | 489.2 | -30 | -3.3 | |
| Average price | 3503.3 | 502.6 | -17 | -1.4 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 6.9695
