Local Chinese rebar and wire rod market follows upward trend

During the week ending July 3, Chinese domestic rebar and wire rod prices have increased, while transaction activity in the domestic rebar and wire rod market has been at decent levels. On July 3, rebar futures contract (1710) offers closed at RMB 3,413/mt ($495/mt) at Shanghai Futures Exchange, up $38/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below. 

During the given week, ferrous metals futures prices in China have indicated an upward trend, providing certain support for rebar and wire rod prices in the domestic spot market. Downstream users have been more active in making purchases. However, after prices of rebar and wire rod had reached high levels in the latter part of the given week, traders’ sales activities began to slow down slightly. It is thought that rebar and wire rod prices in the Chinese domestic market will likely edge up further 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 6.79