During the past three weeks ending March 2, average Chinese domestic rebar and wire rod prices have posted only small declines amid just slight changes in rebar futures prices. But, in general, market sources see the price trend as stable after the long holiday, while demand is still not supportive.
The average rebar price has decreased by RMB 13/mt ($1.9/mt) compared to February 9, while the average 6.5 mm HPB 300 wire rod price has declined by RMB 3/mt ($0.4/mt). Rebar prices have moved sideways compared to the previous trading day, February 27.
Rebar and wire rod prices in the Chinese domestic market have fluctuated in a limited range amid relatively high inventories. Currently, most downstream construction sites have not yet resumed construction activities after the long holiday, exerting a negative impact on demand for rebar and wire rod. Some market participants bought in stocks at high prices ahead of the holiday, which may boost prices of rebar and wire rod in the spot market. It is expected that rebar and wire rod prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
As of March 2, rebar futures at Shanghai Futures Exchange are standing at RMB 3,067/mt ($443/mt), increasing by RMB 3/mt ($0.4/mt) or 0.1 percent since February 9, while up 0.26 percent compared to the previous trading day, February 27.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
3 Weeks change (RMB/mt) |
3 Weeks change ($/mt) |
| 25 - HRB400 | Beijing | 3,100 | 447.7 | -20 | -1.1 |
| Guangzhou | 3,420 | 493.9 | 0 | 2.0 | |
| Shanghai | 3,130 | 452.1 | -20 | -1.1 | |
| Average price | 3,216.7 | 464.6 | -13 | 0.0 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) |
Price ($/mt) | 3 Weeks change (RMB/mt) | 3 Weeks change ($/mt) |
| 6.5 - HPB300 | Beijing | 3,640 | 525.7 | 20 | 5.0 |
| Guangzhou | 3,730 | 538.7 | 0 | 2.2 | |
| Shanghai | 3,600 | 519.9 | -30 | -2.2 | |
| Average price | 3,656.7 | 528.1 | -3 | 1.6 | |
| 8 - HPB300 | Beijing | 3,420 | 493.9 | 20 | 4.9 |
| Guangzhou | 3,670 | 530.0 | 0 | 2.1 | |
| Shanghai | 3,370 | 486.7 | -30 | -2.4 | |
| Average price | 3,486.7 | 503.6 | -3 | 1.5 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 6.9236
