Local Chinese rebar and wire rod prices decrease

During the week ending January 14, average prices of Chinese domestic rebar and wire rod have seen an overall downtrend, while transaction activity in the overall domestic rebar and wire rod market has been at low-to-medium levels. On January 14, rebar futures contract (1905) offers closed at RMB 3,575/mt ($528/mt) at Shanghai Futures Exchange, up $14/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, although a slight increase in rebar futures prices at Shanghai Futures Exchange (SHFE) has provided some support for rebar and wire rod prices in the domestic spot market, demand from downstream users has been slack, resulting in decreases in rebar and wire rod prices. Meanwhile, most traders in the rebar and wire rod market have so far maintained a wait-and-see stance as regards inventory replenishment ahead of the Chinese New Year (February 2-10). However, inventory replenishment is expected to pick up in the coming period and will bolster prices in the rebar and wire rod market. It is expected that rebar and wire rod prices in the Chinese domestic market will increase slightly 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 6.77