During the past week ending October 13, average Chinese domestic rebar and wire rod prices have decreased amid declines in rebar futures prices and lower-than-expected demand.
The average rebar price has moved down by RMB 30/mt ($4.2/mt) compared to September 29, while the average 6.5 mm HPB 300 wire rod price has decreased by RMB 53/mt ($7.5/mt). Rebar prices have decreased by RMB 36/mt ($5.1/mt) compared to the previous trading day, October 10.
During the given week, rebar and wire rod prices have continued their downtrend amid prevailing bearish sentiments as US President Trump announced plans to impose 100 percent on exports of goods from China as well as new export restrictions on key software. The financial markets have been hit, with a negative impact on ferrous metal futures prices. Inventories of rebar and wire rod in China have increased following the long holiday, negatively affecting prices. It is expected that rebar and wire rod prices in the Chinese domestic market will soften further in the coming week.
As of October 13, rebar futures at Shanghai Futures Exchange are standing at RMB 3,083/mt ($436/mt), decreasing by RMB 14/mt ($2/mt) or 0.45 percent since September 29, while down 0.77 percent compared to the previous trading day, October 10.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
2 Weeks change (RMB/mt) |
2 Weeks change ($/mt) |
| 25 - HRB400 | Beijing | 3,140 | 442.2 | -20 | -2.3 |
| Guangzhou | 3,280 | 461.9 | -40 | -5.1 | |
| Shanghai | 3,140 | 442.2 | -30 | -3.7 | |
| Average price | 3,186.7 | 448.8 | -30 | -3.7 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) |
Price ($/mt) | Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 6.5 - HPB300 | Beijing | 3,570 | 502.7 | -80 | -10.7 |
| Guangzhou | 3,570 | 502.7 | -40 | -5.1 | |
| Shanghai | 3,620 | 509.8 | -40 | -5.1 | |
| Average price | 3,586.7 | 505.1 | -53 | -6.9 | |
| 8 - HPB300 | Beijing | 3,350 | 471.8 | -80 | -10.7 |
| Guangzhou | 3,510 | 494.3 | -40 | -5.1 | |
| Shanghai | 3,360 | 473.2 | -10 | -0.9 | |
| Average price | 3,406.7 | 479.7 | -43 | -5.6 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 7.1007
