During the past week ending March 31, average Chinese domestic rebar and wire rod prices have moved down as demand has been lower than expected and continued global protectionism has been impacting sentiments.
The average rebar price has decreased by RMB 27/mt ($3.8/mt) compared to March 17, while the average 6.5 mm HPB 300 wire rod price has seen a drop of RMB 33/mt ($4.6/mt). Rebar prices have decreased by RMB 7/mt ($1.0/mt) compared to the previous trading day, March 28.
During the given week, rebar and wire rod prices have moved down amid the decreasing rebar futures prices. Inventory consumption slowed down in most regions amid a round of cold weather hitting China. In the short term, U.S. President Trump’s announcement of imposing tariffs on imported vehicles might exert a negative impact on market sentiments in the global market. However, demand from downstream users is anticipated to improve in the coming period. It is expected that rebar and wire rod prices in the Chinese domestic market may fluctuate within a limited range in the coming week.
As of March 31, rebar futures at Shanghai Futures Exchange are standing at RMB 3,159/mt ($447/mt), decreasing by RMB 45/mt ($6.3/mt) or 1.4 percent since March 24, while down 1.03 percent compared to the previous trading day, March 28.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below:
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
25 - HRB400
|
Beijing | 3,240 | 451.4 | -30 | -4.2 |
| Guangzhou | 3,510 | 489.0 | -10 | -1.4 | |
| Shanghai | 3,190 | 444.4 | -40 | -5.6 | |
| Average price | 3,313.3 | 461.6 | -27 | -3.7 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) |
Price ($/mt) | Weekly change (RMB/mt) |
Weekly change ($/mt) |
6.5 - HPB300
|
Beijing | 3,680 | 512.7 | -70 | -9.8 |
| Guangzhou | 3,780 | 526.6 | 0 | 0.0 | |
| Shanghai | 3,720 | 518.3 | -30 | -4.2 | |
| Average price | 3,726.7 | 519.2 | -33 | -4.6 | |
8 - HPB300
|
Beijing | 3,500 | 487.6 | -70 | -9.8 |
| Guangzhou | 3,720 | 518.3 | 0 | 0.0 | |
| Shanghai | 3,430 | 477.8 | -30 | -4.2 | |
| Average price | 3,550.0 | 494.6 | -33 | -4.6 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 7.1782