During the past week ending March 9, average Chinese domestic rebar prices have edged up slightly amid the increasing rebar futures prices seen today, March 9, thought wire rod prices are still down week on week. As demand is expected to rise further, prices may gradually move up.
The average rebar price has increased by RMB 13/mt ($1.9/mt) compared to March 2, while the average 6.5 mm HPB 300 wire rod price has declined by RMB 7/mt ($1.0/mt) week on week. Rebar prices have risen by RMB 20/mt ($2.9/mt) compared to the previous trading day, March 6.
During the given week, rebar and wire rod prices in the Chinese domestic market have fluctuated within a limited range. The production of rebar in the given week has increased slightly but is still at the lowest level of the past five years for the time of the year. Apparent consumption has seen some recovery as construction activities have gradually resumed following the recent holiday, though it is still at relatively low levels, resulting in increases in inventories, but at a slower pace. Since both supply and demand have seen improvements, rebar and wire rod prices will depend on the speed of the release of demand compared to the increases on the supply side. It is thought that rebar and wire rod prices in the Chinese domestic market will likely rebound in the coming week.
As of March 9, rebar futures at Shanghai Futures Exchange are standing at RMB 3,119/mt ($452/mt), increasing by RMB 52/mt ($7.5/mt) or 1.7 percent since March 2, while up 1.3 percent compared to the previous trading day, March 6.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 25 - HRB400 | Beijing | 3,130 | 452.6 | +30 | +4.9 |
| Guangzhou | 3,400 | 491.6 | -20 | -2.3 | |
| Shanghai | 3,160 | 456.9 | +30 | +4.9 | |
| Average price | 3,230 | 467.0 | +13 | +2.5 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) | Weekly change ($/mt) |
| 6.5 - HPB300 | Beijing | 3,640 | 526.3 | 0 | +0.6 |
| Guangzhou | 3,690 | 533.5 | -40 | -5.2 | |
| Shanghai | 3,620 | 523.4 | +20 | +3.5 | |
| Average price | 3,650 | 527.8 | -7 | -0.4 | |
| 8 - HPB300 | Beijing | 3,420 | 494.5 | 0 | +0.6 |
| Guangzhou | 3,630 | 524.9 | -40 | -5.2 | |
| Shanghai | 3,390 | 490.2 | +20 | +3.5 | |
| Average price | 3,480 | 503.2 | -7 | -0.4 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 6.9158
