During the past week ending July 14, average Chinese domestic rebar and wire rod prices have increased amid rising futures prices, supported by production cuts in Tangshan.
The average rebar price has increased by RMB 43/mt ($6.0/mt) compared to July 7, while the average 6.5 mm HPB 300 wire rod price has risen by RMB 60/mt ($8.4/mt). Rebar prices have declined by RMB 4/mt ($0.6/mt) compared to the previous trading day, July 11.
During the given week, rebar and wire rod prices have risen amid production reductions in Tangshan, a major steelmaking hub in northern China, and in Shanxi Province. Rebar futures prices have moved up, exerting a positive impact on rebar and wire rod prices in the spot market. Demand for rebar and wire rod has been slack, weakening the support for prices. However, the anticipated continuation of production reductions in the near future will bolster rebar and wire rod prices further. It is expected that rebar and wire rod prices in the Chinese domestic market will continue their slight rises in the coming week.
As of July 14, rebar futures at Shanghai Futures Exchange are standing at RMB 3,138/mt ($428/mt), increasing by RMB 77/mt ($10.8/mt) or 2.5 percent since July 7, while up 0.16 percent compared to the previous trading day, July 11.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 25 - HRB400 | Beijing | 3,170 | 443.4 | 10 | 1.5 |
| Guangzhou | 3,330 | 465.8 | 80 | 11.3 | |
| Shanghai | 3,140 | 439.2 | 40 | 5.7 | |
| Average price | 3,213.3 | 449.5 | 43 | 6.2 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) |
Price ($/mt) | Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 6.5 - HPB300 | Beijing | 3,650 | 510.6 | 0 | 0.1 |
| Guangzhou | 3,640 | 509.2 | 130 | 18.3 | |
| Shanghai | 3,670 | 513.4 | 50 | 7.1 | |
| Average price | 3,653.3 | 511.0 | 60 | 8.5 | |
| 8 - HPB300 | Beijing | 3,430 | 479.8 | 0 | 0.1 |
| Guangzhou | 3,580 | 500.8 | 130 | 18.3 | |
| Shanghai | 3,380 | 472.8 | 50 | 7.1 | |
| Average price | 3,463.3 | 484.5 | 60 | 8.5 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 7.1491
