Local Chinese rebar and wire rod prices decrease

As of October 8, average prices of Chinese domestic rebar and wire rod have decreased on week-on-week basis, while transaction activity in the overall domestic rebar and wire rod market has been at medium levels. On October 8, rebar futures contract (1901) offers closed at RMB 3,971/mt ($576/mt) at Shanghai Futures Exchange, down $21/mt week on week. Average domestic rebar and wire rod prices in China's main markets are presented in the tables below.  

Rebar and wire rod prices have decreased, while transaction activity has improved and is now at medium levels. Demand from downstream users is good, while rebar futures prices at Shanghai Futures Exchange (SHFE) have decreased, resulting in declines in rebar and wire rod prices in the spot market. Traders have been willing to sell at lower prices after the long holiday to bring in cash. Moreover, inventory levels of rebar and wire rod have increased after the holiday, which will likely exert a negative impact on rebar and wire rod prices. It is expected that rebar and wire rod prices in the Chinese domestic market will edge down further in the coming week.

Wire rod prices in local Chinese market

All prices include 16 percent VAT and all prices are ex-warehouse.

Rebar prices in local Chinese market

All prices include 16 percent VAT and all prices are ex-warehouse

$1 = RMB 6.89