Local Chinese rebar and wire rod prices fluctuate slightly

During the week ending March 25, average prices of Chinese domestic rebar and wire rod have fluctuated very slightly, while transaction activity in the overall domestic rebar and wire rod market has been at medium levels. On March 25, rebar futures contract (1905) offers closed at RMB 3,692/mt ($550/mt) at Shanghai Futures Exchange, down $13/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 and wire rod prices in China have fluctuated within a limited range. Rebar futures prices at Shanghai Futures Exchange (SHFE) moved sideways on most trading days in the given week, though they have softened by 1.83 percent on March 25. Inventory levels of rebar and wire rod in the domestic market have continued to decline, providing support for prices in the spot market. Demand from downstream users has been quite good, and this situation will likely continue in the coming period. However, steelmakers’ outputs have risen slightly and will likely move at current high levels in the future. It is expected that rebar and wire rod prices in the Chinese domestic market will move sideways 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 6.71