Local Chinese rebar and wire rod market trends up further

During the week ending April 25, Chinese domestic rebar and wire rod prices have continued their upward trend, while transaction activity in the domestic rebar and wire rod market has slackened though it remains at decent levels. On April 25, rebar futures contract (1610) offers closed at RMB 2,643/mt ($406/mt) at Shanghai Futures Exchange, up $37/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 overall rising trend, providing support for the upward movement of rebar and wire rod prices in the domestic spot market. Although construction sites have been eager to step up their purchases of rebar and wire rod amid the rising price trend, steelmakers and traders have been unwilling to sell, with some of them no longer giving offers, resulting in a reduction in transaction activities. Meanwhile, inventory levels of rebar and wire rod have continued to decrease, which will likely provide support for rebar and wire rod prices. It is thought that domestic rebar and wire rod prices in China 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

$1 = RMB 6.50