During the past week ending March 16, average Chinese domestic rebar and wire rod prices have moved up amid rising rebar futures prices, reflecting better demand and less pressure from inventories.
The average rebar price has increased by RMB 23/mt ($3.3/mt) compared to March 9, while the average 6.5 mm HPB 300 wire rod price has risen by RMB 27/mt ($3.9/mt). Rebar prices have remained stable compared to the previous trading day, March 13.
During the given week, rebar and wire rod prices in the Chinese domestic market have moved on an uptrend amid the improved demand and the easing of pressure from inventories. Currently, outputs and inventory levels are at relatively low levels compared to the past five years, bolstering rebar and wire rod prices to a certain degree. Following the Two Sessions, molten iron outputs are expected to increase, providing support for raw material prices, which will in turn exert a positive impact on rebar and wire rod prices. However, the war in the Middle East has negatively affected export orders, which may create supply pressure in the domestic market and weaken rebar and wire rod prices. It is thought that rebar and wire rod prices in the Chinese domestic market will edge up slightly in the coming week.
As of March 16, rebar futures at Shanghai Futures Exchange are standing at RMB 3,140/mt ($455/mt), increasing by RMB 21/mt ($3.0/mt) or 0.7 percent since March 9, while down 0.03 percent compared to the previous trading day, March 13.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 25 - HRB400 | Beijing | 3,160 | 457.6 | 30 | 5.0 |
| Guangzhou | 3,420 | 495.2 | 20 | 3.6 | |
| Shanghai | 3,180 | 460.5 | 20 | 3.6 | |
| Average price | 3,253.3 | 471.1 | 23 | 4.1 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) |
Price ($/mt) | Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 6.5 - HPB300 | Beijing | 3,680 | 532.1 | 40 | 5.8 |
| Guangzhou | 3,710 | 536.4 | 20 | 2.9 | |
| Shanghai | 3,640 | 526.3 | 20 | 2.9 | |
| Average price | 3,676.7 | 531.6 | 27 | 3.9 | |
| 8 - HPB300 | Beijing | 3,460 | 500.3 | 40 | 5.8 |
| Guangzhou | 3,650 | 527.8 | 20 | 2.9 | |
| Shanghai | 3,410 | 493.1 | 20 | 2.9 | |
| Average price | 3,506.7 | 507.0 | 27 | 3.9 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 6.9057
