Local Chinese rebar and wire rod market follows an upward trend

As of August 21, Chinese domestic rebar and wire rod prices have increased on week-on-week basis, while transaction activity in the domestic rebar and wire rod market has been at low-to-medium levels. On August 14, rebar futures contract (1801) offers closed at RMB 3,962/mt ($594/mt) at Shanghai Futures Exchange, up $23/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below. 

In the first part of the given week, since semi-finished steel and rebar futures prices in China declined, domestic rebar and wire rod prices were negatively impacted and also moved down. In the latter part of the week, rebar futures prices rebounded, causing rebar and wire rod spot prices to increase. Although inventory levels of rebar in the spot market have risen slightly, steelmakers’ ex-works prices for September delivery have risen significantly, providing support for traders’ rebar and wire rod prices. It is thought that rebar and wire rod prices in the Chinese domestic market will likely move sideways in the coming week.

Wire rod prices in local Chinese market

 All prices include 17 percent VAT and all prices are ex-warehouse

 Rebar prices in local Chinese market

 All prices include 17 percent VAT and all prices are ex-warehouse

 $1 = RMB 6.67