Local Chinese rebar and wire rod prices increase

During the week ending July 16, average prices of Chinese domestic rebar and wire rod have moved up, while transaction activity in the overall domestic rebar and wire rod market has been at medium levels. On July 16, rebar futures contract (1810) offers closed at RMB 3,958/mt ($593/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, demand from downstream users in southern and eastern China has improved, resulting in higher prices of rebar and wire rod compared to the previous week. Meanwhile, inventories both at steelmakers and in the spot market have decreased, which also provides support for rebar and wire rod prices. However, a slackening of demand has been seen at the end of the week following the rises in prices. It is expected that rebar and wire rod prices in the Chinese domestic market will soften 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 6.67