As of February 10, average Chinese domestic rebar and wire rod prices have seen slight rises even though futures prices have posted some declines. Demand is still slow and the imposition of tariffs by the US has impacted sentiments, but there are still overall hopes for a rebound in China from March onwards, preventing the market from recording any drastic changes.
The average rebar price has risen by RMB 7/mt ($1/mt) compared to January 27, while the average 6.5 mm HPB 300 wire rod price has seen a rise of RMB 13/mt ($1.8/mt). Rebar prices have remained unchanged compared to the previous trading day, February 7. “The market has been hit by the global news, but the potential pickup of demand in spring and cost support may allow less room for sharp falls,” a trader commented.
During the given week, rebar and wire rod prices have increased slightly as market players have gradually come back to the market. Following the long Chinese New Year holiday, some major steelmakers have kept their ex-works prices for rebar and wire rod stable, signaling their cautious sentiments as regards the future trend of the market. Meanwhile, rebar futures prices have moved down, exerting a negative impact on prices in the spot market. It is expected that rebar and wire rod prices in the Chinese domestic market will likely edge up in the coming week with more demand expected to materialize.
As of February 10, rebar futures at Shanghai Futures Exchange are standing at RMB 3,331/mt ($465/mt), decreasing by RMB 51/mt ($7.1/mt) or 1.5 percent since January 27, while down 0.89 percent compared to the previous trading day, February 7.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 25 - HRB400 | Beijing | 3,310 | 461.6 | 0 | -0.1 |
| Guangzhou | 3,600 | 502.0 | 20 | 2.7 | |
| Shanghai | 3,350 | 467.2 | 0 | -0.1 | |
| Average price | 3,420.0 | 476.9 | 7 | 0.9 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) |
Price ($/mt) | Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 6.5 - HPB300 | Beijing | 3,800 | 529.9 | 30 | 4.1 |
| Guangzhou | 3,850 | 536.9 | 10 | 1.3 | |
| Shanghai | 3,880 | 541.1 | 0 | -0.1 | |
| Average price | 3,843.3 | 536.0 | 13 | 1.8 | |
| 8 - HPB300 | Beijing | 3,620 | 504.8 | 30 | 4.1 |
| Guangzhou | 3,790 | 528.5 | 10 | 1.3 | |
| Shanghai | 3,590 | 500.6 | 0 | -0.1 | |
| Average price | 3,666.7 | 511.3 | 13 | 1.8 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 7.1707
