During the past week ending December 1, average Chinese domestic rebar and wire rod prices have moved up further amid increasing rebar futures prices and relatively low inventories, indicating a gradual uptrend for the third week in a row.
The average rebar price has moved up by RMB 37/mt ($5.2/mt) compared to November 24, while the average 6.5 mm HPB 300 wire rod price has risen by RMB 57/mt ($8.1/mt). Rebar prices have increased by RMB 7/mt ($1.0/mt) compared to the previous trading day, November 28.
During the given week, rebar and wire rod prices have moved on an uptrend amid relatively low inventories and increasing rebar futures prices. In December, some construction sites may speed up activities ahead of the colder weather, which may exert a positive impact on the demand for rebar and wire rod temporarily. Some steelmakers may implement maintenance works before the end of the year, which will reduce the supplies of rebar and wire rod and bolster prices. It is expected that rebar and wire rod prices in the Chinese domestic market will likely edge up further in the coming week.
As of December 1, rebar futures at Shanghai Futures Exchange are standing at RMB 3,134/mt ($441/mt), increasing by RMB 45/mt ($6.3/mt) or 1.5 percent since November 24, while up 1.16 percent compared to the previous trading day, November 28.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 25 - HRB400 | Beijing | 3,230 | 456.5 | 0 | 0.6 |
| Guangzhou | 3,520 | 497.5 | 70 | 10.5 | |
| Shanghai | 3,220 | 455.1 | 40 | 6.2 | |
| Average price | 3,323.3 | 469.7 | 37 | 5.8 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) |
Price ($/mt) | Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 6.5 - HPB300 | Beijing | 3,740 | 528.5 | 50 | 7.7 |
| Guangzhou | 3,830 | 541.3 | 80 | 12.0 | |
| Shanghai | 3,690 | 521.5 | 40 | 6.3 | |
| Average price | 3,753.3 | 530.4 | 57 | 8.7 | |
| 8 - HPB300 | Beijing | 3,520 | 497.5 | 50 | 7.7 |
| Guangzhou | 3,770 | 532.8 | 80 | 12.0 | |
| Shanghai | 3,450 | 487.6 | 40 | 6.3 | |
| Average price | 3,580.0 | 505.9 | 57 | 8.6 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 7.0759
