During the past week ending March 24, average Chinese domestic rebar and wire rod prices have seen further small declines, reflecting insufficient demand. However, today, March 24, the market has rebounded amid hopes for an improvement in demand in the near future, higher futures prices and a decline in inventories, reflecting a better balance in the market.
The average rebar price has decreased by RMB 3/mt ($0.4/mt) compared to March 17, while the average 6.5 mm HPB 300 wire rod price has seen a drop of RMB 17/mt ($2.4/mt). Rebar prices have increased by RMB 33/mt ($4.6/mt) compared to the previous trading day, March 21.
During the given week, rebar and wire rod prices have indicated declines compared to the previous week, though they have rebounded over the past few days. Demand from downstream users has not been as good as market players had expected, exerting a negative impact on prices. Inventory levels have declined amid declining capacity utilization rates, bolstering rebar and wire rod prices to a certain degree. On March 24, China’s Ministry of Finance announced that China’s fiscal policy would be more active in 2025, with sustained and more forceful efforts, striving for five percent GDP growth in the current year, which pushed up ferrous metal futures prices. It is thought that rebar and wire rod prices in the Chinese domestic market will likely edge up in the coming week.
As of March 24, rebar futures at Shanghai Futures Exchange are standing at RMB 3,204/mt ($447/mt), decreasing by RMB 13/mt ($1.8/mt) or 0.4 percent since March 17, while up 1.23 percent compared to the previous trading day, March 21.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 25 - HRB400 | Beijing | 3,270 | 455.6 | 10 | 0.8 |
| Guangzhou | 3,520 | 490.4 | -20 | -3.4 | |
| Shanghai | 3,230 | 450.0 | 0 | -0.6 | |
| Average price | 3,340.0 | 465.3 | -3 | -1.0 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) |
Price ($/mt) | Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 6.5 - HPB300 | Beijing | 3,750 | 522.4 | -10 | -2.1 |
| Guangzhou | 3,780 | 526.6 | -30 | -4.8 | |
| Shanghai | 3,750 | 522.4 | -10 | -2.1 | |
| Average price | 3,760.0 | 523.8 | -17 | -3.0 | |
| 8 - HPB300 | Beijing | 3,570 | 497.4 | -10 | -2.0 |
| Guangzhou | 3,720 | 518.3 | -30 | -4.8 | |
| Shanghai | 3,460 | 482.0 | -10 | -2.0 | |
| Average price | 3,583.3 | 499.2 | -17 | -3.0 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 7.178