During the past week ending November 24, average Chinese domestic rebar and wire rod prices have continued an upward trend amid decreasing inventories, but the pace of the increase is still very slow due to limited demand.
The average rebar price has moved up by RMB 33/mt ($4.6/mt) compared to November 17, while the average 6.5 mm HPB 300 wire rod price has risen by RMB 27/mt ($3.8/mt). Rebar prices have increased by RMB 27/mt ($3.8/mt) compared to the previous trading day, November 21.
During the given week, rebar and wire rod prices have continued their uptrend amid decreasing inventories and declining deliveries to the spot market. However, demand for rebar and wire rod from downstream users has remained slack, exerting a negative impact on prices. Lately, raw material prices have risen, bolstering rebar and wire rod prices firmly. Rebar and wire rod producers’ capacity utilization rates are expected to decline amid maintenance works in December, which will provide support for prices. It is thought that rebar and wire rod prices in the Chinese domestic market will move sideways or increase further by slight margins in the coming week.
As of November 24, rebar futures at Shanghai Futures Exchange are standing at RMB 3,089/mt ($435/mt), decreasing by RMB 8/mt ($1.1/mt) or 0.26 percent since November 17, while up 0.95 percent compared to the previous trading day, November 21.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 25 - HRB400 | Beijing | 3,230 | 455.9 | 10 | 1.2 |
| Guangzhou | 3,450 | 486.9 | 70 | 9.7 | |
| Shanghai | 3,180 | 448.8 | 20 | 2.6 | |
| Average price | 3,286.7 | 463.9 | 33 | 4.5 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) |
Price ($/mt) | Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 6.5 - HPB300 | Beijing | 3,690 | 520.8 | -10 | -1.6 |
| Guangzhou | 3,750 | 529.3 | 70 | 9.7 | |
| Shanghai | 3,650 | 515.2 | 20 | 2.6 | |
| Average price | 3,696.7 | 521.8 | 27 | 3.5 | |
| 8 - HPB300 | Beijing | 3,470 | 489.8 | -10 | -1.6 |
| Guangzhou | 3,690 | 520.8 | 70 | 9.7 | |
| Shanghai | 3,410 | 481.3 | 20 | 2.6 | |
| Average price | 3,523.3 | 497.3 | 27 | 3.6 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 7.0847
