During the past week ending July 13, average Chinese domestic rebar prices have edged down slightly amid the decreasing rebar futures prices and the slack demand from downstream users due to the negative impact of typhoon Bavi. But the outlook is rather stable as weak demand maybe be offset by announced maintenances at mills.
The average rebar price has decreased by RMB 13/mt ($1.9/mt) compared to July 6, while the average 6.5 mm HPB 300 wire rod price has risen by RMB 3/mt ($0.44/mt). Rebar prices have decreased by RMB 10/mt ($1.5/mt) compared to the previous trading day, July 10.
During the given week, rebar and wire rod prices have fluctuated within a limited range. Typhoon Bavi hit China, exerting a negative impact on transportation, resulting in slack demand from downstream users and weakening the support to rebar and wire rod prices. More steelmakers implemented maintenances, reducing the output of rebar, bolstering its prices to a certain degree. Coking coal and coke prices have been strong due to the safety inspections, positively affecting finished steel prices from cost side. It is thought that rebar and wire rod prices in the Chinese domestic market will move sideways in the coming week.
As of July 13, rebar futures at Shanghai Futures Exchange are standing at RMB 3,054/mt ($449/mt), decreasing by RMB 18/mt ($2.6/mt) or 0.6 percent since July 6, while decreasing by 1.04 percent compared to the previous trading day, July 10.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 25 - HRB400 | Beijing | 3,110 | 457.6 | -20 | -2.3 |
| Guangzhou | 3,270 | 481.1 | 10 | 2.2 | |
| Shanghai | 3,110 | 457.6 | -30 | -3.7 | |
| Average price | 3,163.3 | 465.4 | -13 | -1.3 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) |
Price ($/mt) | Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 6.5 - HPB300 | Beijing | 3,780 | 556.1 | 10 | 2.3 |
| Guangzhou | 3,550 | 522.3 | 10 | 2.2 | |
| Shanghai | 3,560 | 523.8 | -10 | -0.7 | |
| Average price | 3,630.0 | 534.1 | 3 | 1.3 | |
| 8 - HPB300 | Beijing | 3,560 | 523.8 | 10 | 2.2 |
| Guangzhou | 3,490 | 513.5 | 10 | 2.2 | |
| Shanghai | 3,340 | 491.4 | -10 | -0.7 | |
| Average price | 3,463.3 | 509.5 | 3 | 1.2 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 6.7972
