During the past week ending November 10, average Chinese domestic rebar and wire rod prices have edged down amid declining rebar futures prices.
The average rebar price has moved down by RMB 23/mt ($3.2/mt) compared to November 3, while the average 6.5 mm HPB 300 wire rod price has decreased by RMB 20/mt ($2.8/mt). Rebar prices have remained unchanged compared to the previous trading day, November 7.
During the given week, rebar and wire rod prices have moved down amid declining rebar futures prices. Cautious sentiments prevail among market players as demand from downstream construction sites has been slack. Since rebar and wire rod prices have continued to decrease, some producers have implemented maintenance works, which will reduce outputs and likely bolster prices in the near future. However, demand for rebar and wire rod is expected to remain sluggish, which may weaken the support for prices. It is thought that rebar and wire rod prices in the Chinese domestic market will move sideways in the coming week.
As of November 10, rebar futures at Shanghai Futures Exchange are standing at RMB 3,044/mt ($429/mt), decreasing by RMB 35/mt ($4.9/mt) or 1.1 percent since November 3, while up 0.26 percent compared to the previous trading day, November 7.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 25 - HRB400 | Beijing | 3,180 | 448.8 | 0 | 0.1 |
| Guangzhou | 3,290 | 464.3 | -40 | -5.6 | |
| Shanghai | 3,130 | 441.7 | -30 | -4.2 | |
| Average price | 3,200.0 | 451.6 | -23 | -3.2 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) |
Price ($/mt) | Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 6.5 - HPB300 | Beijing | 3,650 | 515.1 | 0 | 0.1 |
| Guangzhou | 3,580 | 505.2 | -40 | -5.6 | |
| Shanghai | 3,600 | 508.0 | -20 | -2.8 | |
| Average price | 3,610.0 | 509.5 | -20 | -2.8 | |
| 8 - HPB300 | Beijing | 3,430 | 484.1 | 0 | 0.1 |
| Guangzhou | 3,520 | 496.8 | -40 | -5.6 | |
| Shanghai | 3,360 | 474.2 | -20 | -2.8 | |
| Average price | 3,436.7 | 485.0 | -20 | -2.8 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 7.0856
