During the past week, average Chinese domestic rebar and wire rod prices have moved up amid increasing rebar futures and the overall warm outlook for demand and the lack of increases in supply, though today, February 24, futures prices have declined, but overall sentiment has not changed.
The average rebar price has risen by RMB 40/mt ($5.6/mt) compared to February 17, while the average 6.5 mm HPB 300 wire rod price has also seen an increase, by RMB 43/mt ($5.6/mt). Rebar prices have declined by RMB 23/mt ($3.2/mt) compared to the previous trading day, February 21.
During the given week, rebar and wire rod prices have edged up as downstream users have gradually resumed construction activities. At the same time, rebar futures prices have indicated a rebounding trend, bolstering market sentiments. Inventory levels of rebar and wire rod have decreased slightly, while this trend may continue in the future, which would provide solid support for prices. Moreover, the warmer weather will stimulate construction activities and exert a positive impact on rebar and wire rod 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 February 24, rebar futures at Shanghai Futures Exchange are standing at RMB 3,340/mt ($466/mt), increasing by RMB 50/mt ($7/mt) or 0.2 percent since February 17, while down 0.77 percent compared to the previous trading day, February 21.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 25 - HRB400 | Beijing | 3,340 | 465.7 | 60 | 8.2 |
| Guangzhou | 3,590 | 500.6 | 30 | 4.0 | |
| Shanghai | 3,320 | 462.9 | 30 | 4.1 | |
| Average price | 3,416.7 | 476.4 | 40 | 5.4 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) |
Price ($/mt) | Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 6.5 - HPB300 | Beijing | 3,780 | 527.0 | 70 | 9.6 |
| Guangzhou | 3,850 | 536.8 | 30 | 4.0 | |
| Shanghai | 3,850 | 536.8 | 30 | 4.0 | |
| Average price | 3,826.7 | 533.6 | 43 | 5.9 | |
| 8 - HPB300 | Beijing | 3,600 | 502.0 | 70 | 9.6 |
| Guangzhou | 3,790 | 528.4 | 30 | 4.0 | |
| Shanghai | 3,560 | 496.4 | 30 | 4.0 | |
| Average price | 3,650.0 | 508.9 | 43 | 5.9 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 7.1717
