Local Chinese rebar and wire rod prices increase

As of February 26, Chinese domestic rebar and wire rod prices have risen compared to prices before the Chinese New Year holiday, while transaction activity in the overall domestic rebar and wire rod market has remained at low levels. On February 26, rebar futures contract (1805) offers closed at RMB 4,028/mt ($638/mt) at Shanghai Futures Exchange, up RMB 16/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, not all participants have returned to the domestic long steel market, resulting in slow activity. However, those who have returned to the market are optimistic on the prospects for the market and are expecting to see improvements in demand, especially as the weather becomes warmer. Inventories have increased as market players chose to build up stocks in anticipation of better demand. It is thought that rebar and wire rod prices in the Chinese domestic market will likely move up in the coming week.

Wire rod prices in local Chinese market

All prices include 17 percent VAT and all prices are ex-warehouse. 

Rebar prices in local Chinese market

All prices include 17 percent VAT and all prices are ex-warehouse.

$1 = RMB 6.31