Local Chinese rebar and wire rod market sees slackened activity

During the week ending June 20, Chinese domestic rebar and wire rod prices have indicated downward movement, while transaction activity in the overall domestic rebar and wire rod market has slackened and is now at low levels. On June 20, rebar futures contract (1610) offers closed at RMB 2,062/mt ($314/mt) at Shanghai Futures Exchange, down $16/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, the traditional offseason for rebar and wire rod consumption has resulted in a lack of support for rebar and wire rod prices. The weather is hot in northern China, while it has been rainy in southern China, with these weather conditions exerting a negative impact on demand for rebar and wire rod. In addition, stormy weather in the middle and lower reaches of the Yangtze river will also negatively affect demand for and prices of rebar and wire rod. It is thought that rebar and wire rod prices in the Chinese domestic market will likely continue to move down 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

$1 = RMB 6.56