Local Chinese rebar and wire rod prices continue their upward trend

During the week ending November 13, Chinese domestic rebar and wire rod prices have continued to rise, while transaction activity in the domestic rebar and wire rod market has been at medium levels. On November 13, rebar futures contract (1801) offers closed at RMB 3,769/mt ($568/mt) at Shanghai Futures Exchange, up $5/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, rebar futures prices at Shanghai Futures Exchange (SHFE) have moved up, exerting a positive impact on rebar and wire rod prices in the domestic spot market. Meanwhile, rebar and wire rod have been in short supply in some regions, and inventories have decreased, providing support for rebar and wire rod prices. Planned production cuts are expected to negatively impact rebar and wire rod output in the coming period. It is thought that rebar and wire rod prices in the Chinese domestic market will move upwards in the week ahead.

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 6.64