Local Chinese rebar and wire rod prices decrease

During the week ending November 19, average prices of Chinese domestic rebar and wire rod have decreased, while transaction activity in the overall domestic rebar and wire rod market has been at low levels. On November 19, rebar futures contract (1901) offers closed at RMB 3,838/mt ($553.0/mt) at Shanghai Futures Exchange, down $1/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 given week, semi-finished steel prices have seen sharp declines, exerting a negative impact on rebar and wire rod prices in spot market. Meanwhile, rebar futures prices at Shanghai Futures Exchange (SHFE) have moved down, weakening the support to rebar and wire rod prices. The demand in eastern China has seen certain recovery as the China International Import Expo (CIIE) has concluded, while the demand in other regions has remained slack in offseason. It is expected that rebar and wire rod prices in the Chinese domestic market likely edge down further, though with a slower pace 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 6.94