During the past week ending October 13, average Chinese domestic rebar and wire rod prices have seen further gradual decreases amid the declines in rebar futures prices, rather slow demand and high production levels.
The average rebar price has moved down by RMB 33/mt ($4.6/mt) compared to October 13, while the average 6.5 mm HPB 300 wire rod price has decreased by RMB 20/mt ($2.8/mt). Rebar prices have decreased by RMB 3/mt ($0.4/mt) compared to the previous trading day, October 17.
During the given week, rebar and wire rod prices have decreased amid declining rebar futures prices. Demand for rebar has not indicated significant improvements, exerting a negative impact on prices. However, inventories of rebar and wire rod are not at high levels, which will likely bolster prices to a certain degree. The production of rebar and wire rod has just started to decrease lately, while supply to the spot market has been quite sufficient. 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 October 20, rebar futures at Shanghai Futures Exchange are standing at RMB 3,045/mt ($429/mt), decreasing by RMB 38/mt ($5.4/mt) or 1.2 percent since October 13, while down 0.03 percent compared to the previous trading day, October 17.
Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
Rebar prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) | Price ($/mt) |
Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 25 - HRB400 | Beijing | 3,100 | 436.8 | -40 | -5.4 |
| Guangzhou | 3,240 | 456.5 | -40 | -5.4 | |
| Shanghai | 3,120 | 439.6 | -20 | -2.6 | |
| Average price | 3,153.3 | 444.3 | -33 | -4.4 |
All prices include 13 percent VAT and all prices are ex-warehouse.
Wire rod prices in local markets
| Spec. (mm) - Category | City | Price (RMB/mt) |
Price ($/mt) | Weekly change (RMB/mt) |
Weekly change ($/mt) |
| 6.5 - HPB300 | Beijing | 3,550 | 500.2 | -20 | -2.5 |
| Guangzhou | 3,530 | 497.4 | -40 | -5.4 | |
| Shanghai | 3,620 | 510.1 | 0 | 0.3 | |
| Average price | 3,566.7 | 502.6 | -20 | -2.5 | |
| 8 - HPB300 | Beijing | 3,330 | 469.2 | -20 | -2.6 |
| Guangzhou | 3,470 | 488.9 | -40 | -5.4 | |
| Shanghai | 3,360 | 473.4 | 0 | 0.3 | |
| Average price | 3,386.7 | 477.2 | -20 | -2.5 |
All prices include 13 percent VAT and all prices are ex-warehouse.
$1 = RMB 7.0973