During the past week ending December 22, average Chinese domestic rebar and wire rod prices have inched up amid increasing rebar futures prices.
The average rebar price has increased by RMB 17/mt ($2.4/mt) compared to December 15, while the average 6.5 mm HPB 300 wire rod price has risen by RMB 27/mt ($3.8/mt). Rebar prices have remained stable compared to the previous trading day, December 19.
During the given week, rebar and wire rod prices in the Chinese domestic market have moved up amid slightly decreasing market inventories. However, coke prices have indicated a third round of declines, which will weaken the support for rebar and wire rod prices from the cost side. Major Chinese steelmaker Shagang Group has announced stable rebar prices for delivery in late December, which will bolster market sentiments to a certain degree. Since the New Year holiday (January 1-3) is approaching, market players expect some stock replenishments from downstream users, which will provide support for rebar and wire rod 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 December 22, rebar futures at Shanghai Futures Exchange are standing at RMB 3,126/mt ($441/mt), rising by RMB 52/mt ($7.4/mt) or 1.7 percent since December 15, while up 0.39 percent compared to the previous trading day, December 19.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 25 - HRB400 | Beijing | 3,130 | 443.5 | 0 | +0.6 |
| Guangzhou | 3,510 | 497.4 | +20 | +3.5 | |
| Shanghai | 3,230 | 457.7 | +30 | +4.8 | |
| Average price | 3,290 | 466.2 | +17 | +3.0 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) | Weekly change ($/mt) |
| 6.5 - HPB300 | Beijing | 3,650 | 517.2 | +30 | +4.9 |
| Guangzhou | 3,820 | 541.3 | +20 | +3.5 | |
| Shanghai | 3,700 | 524.3 | +30 | +4.9 | |
| Average price | 3,723 | 527.6 | +27 | +4.4 | |
| 8 - HPB300 | Beijing | 3,430 | 486.0 | +30 | +4.9 |
| Guangzhou | 3,760 | 532.8 | +20 | +3.5 | |
| Shanghai | 3,460 | 490.3 | +30 | +4.9 | |
| Average price | 3,550 | 503.0 | +27 | +4.4 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 7.0572
