During the week ending May 15, Chinese domestic rebar and wire rod prices have rebounded, while transaction activity in the domestic rebar and wire rod market has been at medium levels. On May 15, rebar futures contract (1710) offers closed at RMB 2,991/mt ($434/mt) at Shanghai Futures Exchange, down $2/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.
During the given week, increases have been observed in domestic semi-finished steel prices and in rebar futures prices in China, providing support for rebar and wire rod prices in the domestic spot market. Inventory levels of rebar and wire rod have decreased, also positively influencing prices. However, the hot and rainy weather conditions in most regions of China, have somewhat dampened demand for rebar and wire rod. It is thought that rebar and wire rod prices in the Chinese domestic market will move sideways in the week ahead.
Wire rod prices in local Chinese market
Product name | Spec. | Category | City | Steel plant/origin | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) |
8 mm dia. | HPB300 | Shanghai | Shente | 3,590 | 521 | ↑70 | |
Beijing | Hebei Steel | 3,890 | 565 | ↑70 | |||
Guangzhou | Shaoguan Steel | 3,730 | 541 | ↑50 | |||
Average | - | 3,737 | 542 | ↑63 | |||
6.5 mm dia. | HPB300 | Shanghai | Shente | 3,590 | 521 | ↑70 | |
Beijing | Hebei Steel | 3,890 | 565 | ↑70 | |||
Guangzhou | Shaoguan Steel | 3,760 | 546 | ↑50 | |||
Average | - | 3,747 | 544 | ↑63 |
All prices include 17 percent VAT and all prices are ex-warehouse
Rebar prices in local Chinese market
Product name | Spec. | Category | City | Steel plant/origin | Price (RMB/mt) | Price ($/mt) | Weekly change (RMB/mt) |
HRB400 Rebar | 20 mm dia. | HRB400 | Shanghai | Shente | 3,480 | 505 | ↑90 |
Beijing | Hebei Steel | 3,480 | 505 | ↑60 | |||
Guangzhou | Shaoguan Steel | 3,880 | 563 | ↑60 | |||
Average | - | 3,613 | 524 | ↑70 |
All prices include 17 percent VAT and all prices are ex-warehouse
$1 = RMB 6.89