As of April 22, average Chinese domestic rebar and wire rod prices have moved on an upward trend amid increasing rebar futures prices, falling inventories and the continuing positive mood. However, the pace of the increase has slowed down compared to the previous week ended on April 15.
The average rebar price has increased by RMB 87/mt ($12.3/mt) compared to April 15, while the average 6.5 mm HPB 300 wire rod price has also seen a rise of RMB 70/mt ($9.8/mt). Both rebar and wire rod had increased by RMB117/mt ($16.5/mt) in the previous week. Rebar prices have edged down by RMB 3/mt compared to the previous trading day, April 19.
During the given week, rebar and wire rod prices in the Chinese domestic market have continued their uptrend amid the improved demand from downstream users. At the same time, market sentiments have also improved, exerting a positive impact on the rebar and wire rod market. Inventory of rebar and wire rod has been consumed more quickly, easing the pressure on the sellers’ side. Moreover, import iron ore prices have edged up, bolstering rebar and wire rod prices from the cost side. Ahead of the Labor Day holiday (May 1-5), downstream users may build up some stocks, which will positively affect rebar and wire rod prices. However, heavy rains in southern China have weakened the demand for rebar and wire rod temporarily over the past few days. It is expected that rebar and wire rod prices in the Chinese domestic market will increase slightly in the coming week.
As of April 22, rebar futures at Shanghai Futures Exchange are standing at RMB 3,670/mt ($517/mt), increasing by RMB 54/mt ($7.6/mt) or 1.5 percent since April 15, while down 0.22 percent compared to the previous trading day, April 19.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
Spec. (mm) - Category |
City |
Price (RMB/mt) |
Price |
Weekly change |
Weekly change |
25 - HRB400 |
Beijing |
3,750 |
527.9 |
110 |
15.1 |
Guangzhou |
3,930 |
553.2 |
100 |
13.6 |
|
Shanghai |
3,600 |
506.8 |
50 |
6.6 |
|
Average price |
3,760.0 |
529.3 |
87 |
11.8 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
Spec. (mm) - Category |
City |
Price (RMB/mt) |
Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change |
6.5 - HPB300 |
Beijing |
4,230 |
595.4 |
60 |
7.9 |
Guangzhou |
4,240 |
596.8 |
100 |
13.6 |
|
Shanghai |
4,210 |
592.6 |
50 |
6.5 |
|
Average price |
4,226.7 |
595.0 |
70 |
9.4 |
|
8 - HPB300 |
Beijing |
4,050 |
570.1 |
60 |
8.0 |
Guangzhou |
4,180 |
588.4 |
100 |
13.6 |
|
Shanghai |
3,920 |
551.8 |
50 |
6.6 |
|
Average price |
4,050.0 |
570.1 |
70 |
9.4 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 7.1043