Local Chinese rebar and wire rod prices increase

During the week ending April 15, 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 April 15, rebar futures contract (1910) offers closed at RMB 3,829/mt ($571/mt) at Shanghai Futures Exchange, up $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, following the Tomb-Sweeping Day (April 5-7) holiday, rebar futures prices at Shanghai Futures Exchange (SHFE) have moved up significantly, boosting rebar and wire rod prices in the domestic spot market. At the same time, inventories of rebar and wire rod have decreased, also providing support for rebar and wire rod prices. Demand from downstream users has been good. Moreover, steelmakers have raised their ex-works prices for rebar and wire rod. However, following the rapid rises in rebar and wire rod prices, some suppliers have been willing to sell products and bring in cash. It is thought that rebar and wire rod prices in the Chinese domestic market will likely rise further in the coming week, though at a slower pace.

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 6.71