During the past week ending April 20, average Chinese domestic rebar and wire rod prices have moved up amid increases in rebar futures prices, reflecting better sentiments. This week, the market fundamentals are also a bit better with the gradual improvement of demand.
The average rebar price has increased by RMB 60/mt ($8.7/mt) compared to April 13, while the average 6.5 mm HPB 300 wire rod price has risen by RMB 47/mt ($6.9/mt). Rebar prices have risen by RMB 17/mt ($2.5/mt) compared to the previous trading day, April 17.
Prices of raw materials, including coking coal, coke and iron ore, have moved up, bolstering rebar and wire rod prices firmly. Meanwhile, some rebar and wire rod producers have decided to implement maintenance works as they were incurring losses, which will shrink the supply to the market, while also providing support for prices. Demand for rebar and wire rod from downstream users has improved amid better weather conditions, reducing inventories and exerting a positive impact on prices. It is expected that rebar and wire rod prices in the Chinese domestic market will consolidate at higher levels in the coming week.
As of April 20, rebar futures at Shanghai Futures Exchange are standing at RMB 3,172/mt ($451/mt), increasing by RMB 72/mt ($10.5/mt) or 2.3 percent since April 13, while up 1.24 percent compared to the previous trading day, April 17.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 25 - HRB400 | Beijing | 3,190 | 464.7 | +50 | +7.3 |
| Guangzhou | 3,520 | 512.7 | +80 | +11.7 | |
| Shanghai | 3,180 | 463.2 | +50 | +7.3 | |
| Average price | 3,296.7 | 480.2 | +60 | +8.8 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) |
Price ($/mt) | Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 6.5 - HPB300 | Beijing | 3,720 | 541.9 | +40 | +5.9 |
| Guangzhou | 3,830 | 557.9 | +80 | +11.7 | |
| Shanghai | 3,610 | 525.9 | +20 | +3.0 | |
| Average price | 3,720 | 541.9 | +47 | +6.9 | |
| 8 - HPB300 | Beijing | 3,500 | 509.8 | +40 | +5.9 |
| Guangzhou | 3,770 | 549.2 | +80 | +11.7 | |
| Shanghai | 3,380 | 492.4 | +20 | +3.0 | |
| Average price | 3,550 | 517.1 | +47 | +6.9 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 6.8648
