Local Chinese rebar and wire rod prices continue to move down

Monday, 15 January 2018 14:13:55 (GMT+3)   |   Shanghai
       

During the week ending January 15, Chinese domestic rebar and wire rod prices have continued to indicate significant decreases, while transaction activity in the overall domestic rebar and wire rod market has been at low levels. On January 15, rebar futures contract (1805) offers closed at RMB 3,802/mt ($591/mt) at Shanghai Futures Exchange, down RMB 16/mt week on week, though rising by $3/mt week on week due to the appreciation of the Chinese currency against the US dollar. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.

During the given week, the cold weather in China has exerted a negative impact on construction activities and on the rebar and wire rod market, while due to the approach of the Chinese New Year holiday demand has become weak and is unlikely to improve. At the same time, inventory levels in the spot market and held by steelmakers have increased. Most market participants are downbeat on the future prospects for the rebar and wire rod market. However, some support still exists for prices from the cost side. It is thought that rebar and wire rod prices in the Chinese domestic market will edge down, while narrow their declining range in the coming week.

Wire rod prices in local Chinese market

Product name

Spec.

Category

City

Steel plant/origin

Price (RMB/mt)

Price ($/mt)

Change

(RMB/mt)

Wire Rod

8 mm dia.

HPB300

Shanghai

Shente

4,010

624

↓220

Beijing

Hebei Steel

4,640

722

↓50

Guangzhou

Shaoguan Steel

4,160

647

↓440

Average

-

4,270

664

↓237

Wire Rod

6.5 mm dia.

HPB300

Shanghai

Shente

4,010

624

↓220

Beijing

Hebei Steel

4,680

728

↓50

Guangzhou

Shaoguan Steel

4,190

652

↓440

Average

-

4,293

668

↓237

 

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)

Change

(RMB/mt)

HRB400 Rebar

20 mm dia.

HRB400

Shanghai

Shente

3,760

585

↓160

Beijing

Hebei Steel

3,800

591

↓100

Guangzhou

Shaoguan Steel

4,290

667

↓460

Average

3,950

614

↓240

 

All prices include 17 percent VAT and all prices are ex-warehouse

$1 = RMB 6.50


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