Local Chinese rebar and wire rod prices decrease

During the week ending August 5, average prices of Chinese domestic rebar and wire rod have moved down, while transaction activity in the overall domestic rebar and wire rod market has been at low-to-medium levels. On August 5, rebar futures contract (1910) offers closed at RMB 3,753/mt ($533/mt) at Shanghai Futures Exchange, down $30/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 down, demand in the spot market has failed to improve, while inventories of rebar and wire rod have increased, with all these factors negatively affecting the trend of the domestic rebar and wire rod market. Although production cuts in some regions have not been as strict as previously anticipated, some electric furnaces have started to reduce production due to their high costs. It is expected that rebar and wire rod prices in the Chinese domestic market will soften further in the coming week.

Wire rod prices in local Chinese market

All prices include 13 percent VAT and all prices are ex-warehouse.

Rebar prices in local Chinese market  

All prices include 13 percent VAT and all prices are ex-warehouse

$1 = RMB 7.04