During the past week ending September 29, average Chinese domestic rebar and wire rod prices have moved down amid decreases in rebar futures prices.
The average rebar price has moved down by RMB 40/mt ($5.6/mt) compared to September 22, while the average 6.5 mm HPB 300 wire rod price has decreased by RMB 47/mt($6.6/mt). Rebar prices have decreased by RMB 6/mt ($0.85/mt) compared to the previous trading day, September 26.
During the given week, rebar and wire rod prices have moved on a downward trend amid declining rebar futures prices. Downstream users have basically completed their stock replenishments ahead of the long National Day holiday (October 1-8), with replenishments not as good as market players had expected, exerting a negative impact on rebar and wire rod prices. At the same time, some traders are not optimistic as regards the future prospects for the rebar and wire rod market after the long holiday. Inventories of rebar and wire rod are expected to indicate slight rises in the near future, which may negatively affect the market. It is thought that rebar and wire rod prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
As of September 29, rebar futures at Shanghai Futures Exchange are standing at RMB 3,097/mt ($436/mt), decreasing by RMB 88/mt ($12.4/mt) or 2.8 percent since September 22, while down 1.34 percent compared to the previous trading day, September 26.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 25 - HRB400 | Beijing | 3,160 | 444.5 | -40 | -5.5 |
| Guangzhou | 3,320 | 467.0 | -40 | -5.5 | |
| Shanghai | 3,170 | 445.9 | -40 | -5.5 | |
| Average price | 3,216.7 | 452.5 | -40 | -5.5 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) |
Price ($/mt) | Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 6.5 - HPB300 | Beijing | 3,650 | 513.4 | -60 | -8.3 |
| Guangzhou | 3,610 | 507.8 | -40 | -5.5 | |
| Shanghai | 3,660 | 514.8 | -40 | -5.5 | |
| Average price | 3,640.0 | 512.0 | -47 | -6.4 | |
| 8 - HPB300 | Beijing | 3,430 | 482.5 | -60 | -8.3 |
| Guangzhou | 3,550 | 499.4 | -40 | -5.5 | |
| Shanghai | 3,370 | 474.0 | -40 | -5.5 | |
| Average price | 3,450.0 | 485.3 | -47 | -6.4 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 7.1089
