Local Chinese rebar and wire rod market starts to follow a rising trend

As of April 2, average prices of Chinese domestic rebar and wire rod have increased significantly on week-on-week basis, while transaction activity in the overall domestic rebar and wire rod market has been at medium levels. On April 2, rebar futures contract (1810) offers closed at RMB 3,344/mt ($532/mt) at Shanghai Futures Exchange, up $25/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.  

At the beginning of the past week, due to sharp declines in rebar and wire rod prices in the previous week, bearish sentiment still lingered among market players, negatively affecting rebar and wire rod prices. In the latter part of the week, demand from downstream users improved, inventories in the market decreased, while at the same time rebar futures prices in China moved upwards, with all these factors providing support for significant increases in domestic rebar and wire rod prices. It is thought that rebar and wire rod prices in the Chinese domestic market will likely move 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 6.28